JZ012 How do I show comprehensive income in my Jazzit financial statements?
 
You may want to show Comprehensive Income in your Jazzit financial statements. This can either be shown as part of the income statement or as a separate schedule.
 
Solution
 
Mapping the Comprehensive Income
 
Comprehensive Income should be mapped to the 292 map range.
 
 
Show the Comprehensive Income to the Bottom of the Income Statement.
 
  • To show the Comprehensive Income at the bottom of the Income Statement, jump to the Income Statement.
  • At the top of the Income Statement, click on the small folder next to Statement to reveal statement options. Use the popup menu to select Yes next to the Include Statement of Comprehensive Income statement at the bottom of this statement?.
     
     
  • The Comprehensive Income section is added to the bottom of the Income Statement after the Net Income.
     
     
  • And the Statement name is changed to include the Comprehensive Income.
 
 
Include the Comprehensive Income as a Separate Schedule.
 
You can also choose to show the Comprehensive Income as a separate schedule.
 
  • Jump to the Statement Menu (table of contents) and click on the Include schedule from Resource Centre button.
     
     
  • Select Statement of Comprehensive Income from the list and click OK.
     
  • Sort the new statement to the appropriate position by using the sort () in the Statement Menu.
 
 
The Statement of Comprehensive Income is added as a separate schedule.
 
 
Marketable Securities
 
Marketable securities (MS) Working Paper
 
  • Open the Marketable Securities Working Paper.
  • Select Yes to include the Comprehensive Income on the working paper in the Marketable securities options section.
     
     
  • Enter the transactions and market value into your Marketable securities working paper(s).
  • Comprehensive Income will be calculated when you enter the market value:
     
     
  • Link the marketable securities in the note. Use the popup menus to the right of each security to choose the working paper and security name.
     
     
  • Post the Comprehensive Income journal entries:
  • In Caseware, complete your journal entries using the new map numbers.
  • Use the results of the Marketable securities working paper calculations to create some of the journal entries. Remember, your final entries for Comprehensive Income should be net of tax.
     
     
  • The journal entry amounts will appear on the Statement of Comprehensive Income schedule or the Comprehensive Income section at the bottom of the Income Statement, depending on which option you choose.
 
Marketable securities (MS) Note
 
  • Insert or update the Marketable securities (MS) note and the Financial instruments note.
  • The MS note linked to Jazzit working paper is required if you are using the Jazzit working paper to calculate Comprehensive Income on securities.
  • If you have a different looking Marketable securities (MS) note in your file, delete the note and reinsert the correct note. If you have no Marketable securities (MS) note in your file then insert the correct note.
  • Move to the Notes Menu and from the Category popup menu, choose Marketable securities.
  • Click on the Insert from this category button.
  • Check the Marketable securities - linked to WP option off. Click OK.
     
     
Complete above steps for the Financial instruments > Accumulated Comprehensive Income notes.