GRAP PS 1016 FAQ Statement of Comparison of Budget and Actual Amounts

Transcription

1 GRAP PS 1016 FAQ Statement of Comparison of Budget and Actual Amounts

2 Contents 1016-PS FAQ Budget statement... 3 Question... 3 How does the GRAP (template) complies with the requirements of GRAP 24?... 3 Resolution... 3 Question... 3 How do I get the new statement in my CaseWare file?... 3 Resolution... 3 Question... 5 How does the automation in the Statement of Comparison of Actual and Budget amounts work?... 5 Resolution... 5 Question... 8 What options are available on this new statement?... 8 Resolution... 8 Known Issues...10 Contact CQS...11 Main Contact Details...11 Help Desk Direct Extension...11 Other Important Details...11 Page 2

3 1016-PS FAQ Budget statement Question How does the GRAP (template) complies with the requirements of GRAP 24? Resolution A new statement called Statement of Comparison of Budget and Actual Amounts as required by GRAP 24 was added to the GRAP template. This statement can be used for instances when the budget and the accounting basis are different and for when the budget and the accounting bases are the same. Please refer to the FAQ 3.2 as issued by the ASB for more information ( Even though GRAP 24 also have the option to add additional columns to the primary financial statements when the budget and accounting basis are the same, we have not added this option in the GRAP template as the new statement added are dealing with both scenarios when the budget and accounting basis are different or the same. Question How do I get the new statement in my CaseWare file? Resolution When you update your CaseWare file to the GRAP version this new statement will be added as well as the rest of the 2013 content changes. Install the GRAP template. When opening your financial statement you will get the following update menu. Select to run the update. Page 3

4 After update you can jump to the statement using the short cut keys in the template menu: Or use the Go to menu: Page 4

5 Question How does the automation in the Statement of Comparison of Actual and Budget amounts work? Resolution The statement can be automated by the following: Step 1: Import a budget and adjusted trail balance: This can be done using the CaseWare normal import function and importing a trail balance with budget amounts and also imported a separate trail balance with adjusted budget amounts: Page 5

6 Step 2: Mapping imported accounts: 1. Using the normal mapping codes (budgeted and adjusted budget amounts will be mapped if the accounts with actual amounts have been mapped). 2. Using the MFMA Budget codes which are aligned with the MFMA Budget Regulations. 3. Using the newly added PFMA Budget codes based on the ENE Budget template for Public Entities. Note: If you want to use option 2 and 3, you will be required to map your trial balance again to these grouping codes. Note you always have the option to manually complete this statement if you opted not to import budget information. Page 6

7 Step 3: When you are in your financial statements, selecting which mapping structure must drive the Statement of Comparison of Budget and Actual Amounts using right click Settings and format : This will change the layout of the Statement of Financial Performance, Statement of Financial Position and Cash Flow statement as per the coding selected. Page 7

8 Question What options are available on this new statement? Resolution Using right click Settings and format on this statement you can: 1. Show Gains/Losses on disposal of assets as part of Income/Expenses or not 2. Moving Interest Income, Dividends received/paid and Finance costs between activities in the Cash flow statements. 3. Change the description on the heading of the Statement for Basis of Budget e.g. Budget on Cash basis or Budget on Accrual Basis. Page 8

9 If you enable Builder mode you are also able to insert rows, into this statement. Also you are able to change the grouping code reference in any row, and it will only impact this statement and nowhere else in the financial statements. Lastly, it you do not want to use this statement and replace it with your own statement you can use the open report sections Report 1 and Report 2 which you can use for your own statement. Page 9

10 Known Issues Issue Solution Installation Index page reference to Statement of Comparison of Budget and Actual amounts is incorrect when you create a new file. In the Cash flow statement section in the Statement of comparison of budget and actual amounts when mapping driven, the Cash flows from financial activities is not calculating correctly. Settings and Format Statement of comparison of budget and actual amounts Gains/Losses from Assets form part of income and expenses is unticked then the subtotal for Statement of Financial Performance section is not correct Cash flow statement in the Statement of Comparison of Budget and Actual Amounts is not automated The Pastel Evolution (Municipalities Only) custom import option is not available in the GRAP version. Run Hotfix Hotfix - GRAP 2013_1.1, open your financial statements, right click and Get new version from library. Run Hotfix Hotfix - GRAP 2013_1.1, open your financial statements, right click and Get new version from library. Run Hotfix Hotfix - GRAP 2013_1.1, open your financial statements, right click and Get new version from library. Need to complete yourself, will be automated in the following releases. After installing the Hotfix - GRAP 2013_1.1 the option will be available. Page 10

11 Contact CQS Main Contact Details CQS Reception: ProBeta Reception: Help Desk Direct Extension CaseWare Working Papers: CaseWare Time: TaxWare: SecWare: CQS Support: ProBeta Support: CQS Web Support: ProBeta Web Support: Other Important Details Register at for easy access to frequently asked questions, upgrades, downloads and technical documentation. us at regarding: Feedback Ideas on service or products Product information Account or license information Any other queries Page 11