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:
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.
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