Steps to convert a Trial Balance into a Financial Statement Grouping Schedule in IDEA
Hi,
MIS and Accounts Reconciliation Teams often need to download Trial Balances and convert the same into Financial Statement Grouping Schedules for internal and external stakeholder presentation.
So as an example if the Trial Balance contains -
Account Code Account Description Grouping Code Amount
5600001 Freight Outward 5600000 350
5600002 Trade Discounts 5600000 250
5600003 Volume Incentives 5600000 200
In the Financial Statement Grouping Schedule the 3 items sampled above may appear as
Grouping Code Grouping Description Grouping Amount
5600000 Selling Expenses 800
The Trial Balance can be taken as the Primary Database and joined to the Grouping Schedule as the Secondary Database on the common matching key field Grouping Code.
Then by applying a Summarization on the joined file with Fields to Summarize being Grouping Code then Grouping Description and Numeric Fields to Total being Trial Balance Amount one can arrive at -
Grouping Code Grouping Description Grouping Amount
5600000 Selling Expenses 800
using IDEA Software.
This activity may seem a breeze in MS-Excel whilst dealing with a single Trial Balance for a single reporting unit.
But the moment the environment changes to multi-unit reporting it is prudent to use IDEA given its limited outcome related key strokes and possibility to convert the process into a Visual Script - Macro.
Kind Regards
Jairam
Hi Brian
Hi Brian
Thanks for the insightful script.
I am looking for a script that reconciles the Journal Entries to the Trial Balance.
I found a script in IDEA Lab however based on my understanding of the script - the script does not include an IF statement based on account type.
In accounting standards, the reconciliation is done as follows:
If Account Type = Balance Sheet then Opening Trial Balance + Journal Entries = Ending Trial Balance
Else If Account Type = Income Statement then Journal Entries = Ending Trial Balance
Whilst I am in the process of attempting to create the script; I was wondering if you already have a script that caters for the above? As this will save me tons of time!
Thank you in advance.