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Rounding Differences
 
The rounding section is used to compare key amounts in the Balance Sheet, Income Statement, and Statement of Cash Flow to the CaseWare trial balance.  Rounding makes the following comparisons:
 
CaseWare net income (NETINC)
[Calculated by adding up all the I type GL accounts (Income Statement) ]
  =
Jazzit calculated net income
They should be the same. If they are not, you will see the rounding differences in the Rounding section of the Home Menu.
Total assets
 =
Total liabilities and equity
If they are not balanced, you will see the Balance Sheet rounding differences in the Rounding section of the Home Menu.
The Statement of Cash Flow, ‘cash end of year’
 =
Closing ‘cash consists of’ balance on cash flow statement
If they are not the same, you will see the rounding differences in the Rounding section of the Home Menu.
Retained earnings closing for the
prior year
[opening RE +Net Income - Dividends]
=
Retained Earnings opening number for the current year
[value is typed in or imported]
If these are not the same, then you will not be able to round (rounding will move from Disable directly to Recalc when switched on).  You can verify the prior year closing balance ties into the current year opening balance by examining the Draft Balance Sheet by map number automatic document created in CaseWare.
 
 
The prior year opening retained earnings in the Jazzit financial statements is obtained from the closing number for the 2nd prior year in the CaseWare trial balance.  If you are preparing comparative two year statements, please enter a number in Retained earnings for the 2nd prior year in the working trial balance. 
 
The alternative is to use the Calcs button on the Jazzit Statement of Retained Earnings to enter in what the opening retained earnings number should be for the prior year.  You can tell if this might be an issue because in the rounding area of the Home Menu, you'll see the IS, BS, for the prior year are out similar amounts.  If the Income Statement is out, then the Balance Sheet will not balance.
 
The Calcs area is also very useful if you are moving from manually rounded financial statements to Jazzit or if you are preparing interim financial statements.