Rounding differences are calculated by comparing key amounts in the Balance Sheet, Income Statement, and Statement of Cash Flow.  Rounding makes the following comparisons:

 

 

When the Financial Statements are set to public sector in Home menu > Client Profile the Balance sheet becomes a Statement of Financial Position. The rounding setup is different for this statement. Please see this page for more information.

 

The Income statement rounding difference is calculated by comparing the Net Income as calculated by the Jazzit Income statement with the Net Income as calculated by Caseware. The current year net income as calculated by Caseware can be found at the bottom right of the Caseware window.

 

 

 

Caseware Net Income is calculated by combining every Caseware Trial Balance account that has their type set to Income Statement. The account type should be set automatically to the correct type when the account is mapped using the Jazzit Map Structure.

 

A breakdown of the net income as calculated by Caseware can be found in the Income Statement Draft by map number.

 

Balance sheet rounding simply checks to see if the Jazzit Balance sheet is balanced in the conventional accounting sense.

 

A Balance sheet by map draft can be used to assist a preparer in resolving a material balance sheet rounding difference.

 

Statement of Cash flows compares the Cash - end of year with Cash consists of balance.

You may need to click on the folder icon to reveal the cash consists of section in order to modify it. The Cash Consists of section can be closed once modifications are complete. The Cash consists of section will toggle interchangeably with the Cash note, if the Cash note is present in the Jazzit Financial Statements. The variance column in the Draft Balance Sheet can be used to help reconcile the rounding difference in the Cash Flow statement.