How to view and manage Financial Statements?

Key Functions 

• Ability to use and edit the existing financial report template to recreate custom FS templates to be used across multiple engagements. 
• Ability to customize and use the "Financial Statements" template, including dynamic fields in the Cover page, TOC page, and Report page tabs, which activate when added to an engagement. 
• Ability to import and customize a financial report template in a new engagement, with options to edit details and revert changes. 
• Ability to import a financial report template with editable "Cover", "TOC", and "Report" tabs into an engagement during Step 2 of the "Create New Engagement" flow. 
• Ability to create, edit, order, and link numbered notes in the financial statements section.

User Flow 

1. This segment focuses on the 'Financial Statements' template existing within the template library.
2. As with all the pre-existing templates, users can Preview, Copy, or Download this template, but initially, its status is set as "Draft".
3. The template name is "Financial Information Preparation", and its type is "Financial Reports".
4. Users can create a copy of this specific digitalized template and edit it as documented further.
5. The copied template features have three editable subtabs: Balance Sheet, Statement of Earnings (Loss) and Retained Earnings (Deficit), and Notes.
6. In the Balance Sheet and Statement of Earnings (Loss) and Retained earnings (Deficit) tabs, the "line-item description" column's values are always displayed, while the corresponding GIFI code is stored in the backend.
7. For the Notes tab, in only the copied template, it follows the default note listed and functionality previously established in the Financial Report's Notes User Story. For the anchored "⚓" branded FR template, the user will only be able to see the default note, and it will not be editable.
8. By default, the Balance Sheet is collapsed to show only Assets, Liabilities, and Shareholders' Equity. Users can click on any of these options to expand the view of the accounts under it.
9. Similarly, the Statement of Earnings (Loss) and Retained Earnings (Deficit) is collapsed by default to display 'Revenue', 'Operating expenses' and 'Net earnings (loss)'. Users can click on any of these options to expand the view of the accounts under it.
10. Both the Balance Sheet and Statement of Earnings (Loss) and Retained Earnings (Deficit) tabs feature "Expand all" and "Collapse all" buttons at the top of the screen, allowing users to expand or collapse them.
11. In the Balance Sheet and Statement of Earnings (Loss) and Retained Earnings (Deficit) tabs, the only editable feature is the "line-item description". Users can only edit the texts in these fields.
12. A notes column is included in the Balance sheet and Statement of Earnings (Loss) and Retained Earnings (Deficit), mirroring the note reference functionality from the main Financial Report, which means any notes added in the template can be referenced within the template itself on the copy.

1. An Excel sheet named "Financial Report - Template Library" is attached, detailing the template's format.
2. The Cover tab includes a rich text editor for content modification and the 'Insert placeholder' functionality.
   
   1. The Cover page will have below mentioned details by default:
      1. <Client name> and <'Operating As' name> from Client screen. If 'Operating As' name is blank, it will only show the client's name.
      2. <City>, <Province> from Client screen.
      3. Financial information for the period ended.
      4. <Period End date>
   2. User should be able to remove any of the text or placeholders mentioned above and add any placeholders using the 'Insert Placeholder' functionality. In the template, these appear as the 'placeholder' value selected, but when brought into the engagement, these placeholders will be replaced by the placeholder values.
3. The TOC tab also contains a rich text editor for editing and modifying dynamic fields.
   1. The Table of Contents page will be editable
   2. The <company Name> will be on top of the page. Below are the words ‘FINANCIAL INFORMATION’, followed by the <period end date> on the next row and the word ‘INDEX’ thereafter. Below this will be the Index showing the four sections mentioned – Compilation Engagement Report, Balance Sheet, Statement of Earnings (Loss) and Retained Earnings (Deficit) and Notes.
   3. Page numbers in the TOC will only appear when the template is added to an engagement and cannot be edited. 

The User should be able to remove any of the text or placeholders mentioned above and add any placeholders using the 'Insert Placeholder' functionality. In the template, these appear as the 'placeholder' value selected, but when brought into the engagement, these placeholders will be replaced by the placeholder values. 

4.  a.  The Report tab allows the use of a rich text editor and the addition or removal of dynamic fields. E-sign functionality is disabled until the templated is added to an engagement. Please refer the attached file for content to be shown.

     b.  User should be able to remove any of the text or placeholders mentioned above and add any placeholders using the 'Insert Placeholder' functionality. In the template, these appear as the 'placeholder' value selected, but when brought into the engagement, these placeholders will be replaced by the placeholder values.

C) Ability to import and customize a financial report template in a new engagement, with options to edit details and revert changes.

1. Within Step 2 of the "Create New Engagement" flow, the user should be able to Import a Financial Report (FR) template from the template library by dragging and dropping the selected template into the “Execution” category of the engagement file structure.
2. The application reads the FR template structure which includes six tabs: Cover, TOC, Report, Balance Sheet, Statement of Earnings and Retained Earnings, and Notes. Only templates in this 6-tab format will be used to populate the FR section within an engagement. If user tries to map a FR template under the non-Execution sections system will give a warning 'A Financial Report template can only be mapped under the Execution section.' Only one FR template can be selected in the Engagement.
3. Balance Sheet Tab:

a.  Grid with four columns. 

b.  First Column: FS line-item description / account description from the template/GIFI file and any FS line-item/account descriptions added into the hierarchy directly in Trial Balance ->Step 3->Right side panel. Only those FS line-item/account descriptions (rows) will be shown which have a number in either the current or previous period columns else it will not appear. Also, if the second level subcategory has no amounts, it won't be displayed. In such cases, even the first level subcategory won't be shown. For instance, if none of the subcategories under "Current" is displayed, then "Current" itself won't be displayed either. If the user creates a first level and second level subcategory, it should be displayed on the BS with the first level subcategory total appearing under the second level subcategory in the same format as the existing subcategories.

c.  Second Column (Notes): Shows pre-mapped notes from the template; the user can add/edit or delete further within the engagement. 

d.  Third Column: Displays financial data for each account detail and shows the current period date in the format you have selected. The numbers for this column will be retrieved from the Trial Balance, specifically the Final column of the Current period. The Account mapping numbers will be used as the primary key to pull the numbers.

e.  Fourth Column: Displays financial data for the period that is closest to the current period end date, in the same format. The numbers for this column will be retrieved from the Trial Balance, specifically the Final column of the previous period that is closest to the current period, by using the Account mapping numbers as the primary key to pull the numbers.

f.  The FR Settings button options will determine the appearance of data on this screen. 

h.  As part of the e-sign functionality, there will be an area available below the grid for the client to sign. 

i. Retained Earnings (Deficit) account values will flow from the Statement of Earnings / (Loss) and Retained earnings / (Deficit), ending account.

j.  Two views will be available: Working Preview and Print Preview. 

k.  The file shows the calculations within this screen.

m. Each row in the Balance sheet has the ability to edit the account or category name.

4.  Statement of Earnings (Loss) and Retained Earnings (Deficit) Tab:

a.  Grid layout similar to the Balance Sheet.

b.  First Column: FS line-item / account description from the template/GIFI file and any FS line-item/account descriptions added into the hierarchy directly in Trial Balance ->Step 3->Right side panel. Only those FS line-item/account descriptions (rows) will be shown which have a number in either the current or previous period columns else it will not appear. Also, if the second level subcategory does not have any amounts/does not show, even the first level subcategory will not show for example if none of the subcategory under Current is showing then Current will also not show. If user adds a first level and second level subcategory, then it needs to be presented according to the Statement of Earnings with a first level subcategory total showing under the second level subcategory in the same format as existing subcategories. 

c.  Second Column (Notes): Like the Balance Sheet, shows pre-mapped notes from the template; user can add/edit delete further within the engagement. 

d.  Third Column: Current period date in the selected FR settings format. Financial data for each account detail, showing the current period date in the selected format. The numbers for this will be pulled from the Trial Balance->Current period->Final column using the Account mapping numbers as the primary key to pull the numbers. 

e.  Fourth Column: Percentage column, appearing if enabled in FR settings.  

f.   Fifth column - Data for the period end date closest to the current period, in the same format. The numbers for this will be pulled from the Trial Balance->previous period closest to current period->Final column using the Account mapping numbers as the primary key to pull the numbers. 

g.  Sixth Column: Period closest to the current and its respective percentage. 

h.  Two views will be available: Working Preview and Print Preview. 

i.  The file shows the calculations within this screen. 

j. Similar to the balance sheet, each row can have the account name or category edited.

5.  Notes Tab:

a.  Automatically loads notes from the selected template. 

b.  Allows editing, addition, or deletion of notes whether from template or added in engagement.

c.  Notes can be referenced in both the Balance Sheet, Statement of Earnings (Loss) and Retained earnings (Deficit). 

d.  All dynamic value placeholders in the template library will show the corresponding results from the engagement once they are in the engagement. 

6.  If the user drags the FR template back to the template section, a warning about data deletion in the 6 tabs is shown 'Deselecting this template will clear all data in the Financial Report section. Please confirm if you would like to proceed.' Confirming wipes data from the tabs; alternatively, Cancel action, returns the template to its position. If a template is never selected, the tabs in the FR section remain blank.

1. Cover Tab: 
   
   1. Allows the user to edit and view the engagement report's cover page.
   2. Enables addition of dynamic fields inside the screen which will show the results. Any placeholder fields added in the template library will be replaced with their results when brought into the engagement. Users can delete these fields or add new placeholder fields in the screen.
   3. Permits the user to edit the cover after importing, including adding or removing dynamic fields.
   4. System will calculate the text to be shown here – 
      1. If the difference between start date and end date is 12 months then we will show the text - Financial Information for the Year ended <End Date in format Month DD, YYYY >. 
      2. If the difference between start date and end date is less than 12 months then we will show the text - Financial Information for the <End date – Start date> Period ended <End Date in format Month DD, YYYY>. 
   5. Example for the engagement with start date as September 1st, 2023, thru December 31, 2023, for client ABC Corp with operating name ABCD located in Toronto, ON, the cover content will be:
      
      

<Company Name> and <Operating Name> 

<City, Province/Country> 

FINANCIAL INFORMATION FOR THE PERIOD ENDED 

<Period End date> 

2.  TOC Tab:

1. 1. Imports dynamic fields from the template, like the cover page, replacing them with the results in place of the placeholders.
   2. Includes a rich text editor for editing and modifying the content including adding any dynamic fields.
   3. Features an "index" section with non-editable page numbers, with page numbers appearing only after importing into an engagement.

1. 1. Dynamic placeholders are activated upon importing the template into an engagement showing results in place of the placeholder values inserted in the library, allowing for edits and modifications to the content as well as addition of new placeholders. The firm logo will be shown on top of the template.
   2. E-sign functionality is enabled only after the template is imported into the engagement.
      
      

E) Ability to create, edit, order, and link numbered notes in the financial statements section

1. The user should be able to open the financial statement section and navigate to the Notes tab.
2. Upon arrival, the user should see a default note already present, which will be the first note having serial number 1. User should be able to rearrange the position of this note if needed. 
3. Each note has a system-generated note number that cannot be edited by simply editing the note.
4. Below the first note, there will be a button labeled "Click to create note".
5. When the user clicks on this button, a rich text editor shows on the screen below the last available note, allowing the user to enter the note with formatting options. Above the content area of the rich text editor, there is a section titled Note X, where X is referring to the notes position in the notes tab. To the top, there is a field for the user to enter the title of the note. Along with the Rich text editor user will also have the functionality to Insert Dynamic fields whenever they are on the edit/create note screen.
6. To the right of the editor, there is a 'Cancel' and a 'Save changes' button. Clicking the 'Save changes' button saves the note, while clicking the 'Cancel' button discards it.
7. Hovering over any note reveals either 3 or 4 icons, depending on the note's position.
8. The icons include an up arrow (not visible for the first note), a down arrow (not visible for the last note), a trash can (to delete the note), and an edit icon (to edit the note).
9. Clicking on the edit icon opens the same rich text editor used for creating a new note, with the Cancel and X Save changes buttons to Save or discard the changes made.
10. If the user clicks on the up or down arrow to move a note, it not only moves the note in the corresponding direction but also adjusts the system-generated note number for each note.
11. For example, if note 3 is moved up by 1, it would now be shown as note 2 and note 2 would become note 3 and so on.
12. If the user clicks on edit, then clicks on the Cancel button after making changes, a prompt appears asking, "Do you want to exit without saving?" The user should be able to click Yes or No.
13. If the user clicks Yes, changes are not saved and edit mode on the note goes away. If No, the user is returned to the rich text editor.
14. Any notes written in the Notes tab can be linked in the Balance Sheet tab or the Statement of Earnings (Loss) and Retained Earnings (Deficit) tab of the financial statement section.
15. In either the Balance Sheet tab or the Statement of Earnings (Loss) and Retained Earnings (Deficit) tab, there is a column in the grid called 'Notes' where each row has a button to add notes.
16. Clicking on the add note button opens a dialog box titled "Add Notes".
17. The dialog box includes a search bar and a grid of notes with checkboxes next to them.
18. The grid has two columns: "Note Number" and "Note Title". In each row is a note number which corresponds to the notes in the notes tab and a checkbox next to each to select that note number.
19. Below the grid, there are two buttons labeled "Cancel" and "Add Notes".
20. Clicking on "Cancel" takes the user back to the main screen without saving, while clicking "Add Notes" replaces the "Add Notes" button with a list of individual note numbers in boxes on that row.
21. Next to each Note number, there are X's. Clicking on an 'X' deletes the note from the table.
22. If the order of notes is changed in the Notes tab, the number will also change for the individual note number. E.g. if note 3 is moved up by 1, it would now be shown as note 2, and the number 3 would change to 2., this notes number change will reflect automatically on the Balance Sheet and Statement of Earnings (Loss) and Retained Earnings (Deficit) tab. Similarly, if user has linked Note 2 from Notes to the Balance sheet and Statement of Earnings and then deleted Note 2 in Notes tab then the ‘2’ will get deleted on the Balance Sheet and Statement of Earnings as well.
23. When the user goes to export or print the file as a PDF, the notes will be presented as a numeric list in ascending order, separated by commas. E.g., 1,2,5,7,9