August 26 Jazzit Fundamentals Update Available

Friday, August 26, 2016

*NEW DOCUMENT - JZAL Accrued Liabilities working paper

  • New to the Fundamentals package is a working paper for accrued liabilities. This working paper features much of the same functionality as the prepaid expenses working paper, including calculating balances, diagnostics and roll-forward

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*NEW DOCUMENT – JZPCE Generic checklist with Y/N, WP Ref, comments, and multiple checkmarks

  • New generic checklist introduced for better customization of engagement requirements

CE – Continuity of Disposals

  • Added the option to exclude amounts considered as taxable capital gains from the total T2S(6) amount

CF/CF2 – 2/9 column Cash Flow statement

  • Added two lines in the Financing Activities section under the Advances from (to) related parties/shareholders which allows you to allocate amount from those two lines to the Advances from (to) related parties/shareholders in the Investing Activities section

CP – Home menu

  • A prompt to save the current financial statements has been added when updating a template

Please note: Selecting “Cancel” will stop the update

BS/BS3 – Balance Sheet, Balance Sheet with opening balances

  • The 2-column Balance Sheet now supports the option to manually adjust signature line spacing directly in the statement. When opening the Balance Sheet, select “Manual” from the dropdown in the signature area to adjust the settings as desired

Please note: The Home Menu must also be updated for this functionality

IS – Income Statement

  • Statement of Retained Earnings and Statement of Proprietor’s Capital have been updated to allow the total from Retained Earnings and Net Income to be skipped

MS – Marketable Securities

  • The working paper now supports up to eight income and eight payment types

K5, KG, K9, KV – Debt notes

  • Added bi-weekly and semi-monthly to the payment interval popup cells for all debt notes

PE, DI, JZAL – Prepaid Expenses, Deferred Income, Accrued Liabilities

  • Amounts can now be calculated in months (rather than days) via a dropdown in the freeze

IS/IS2 – Income Statement, 9-column Income Statement

  • Rounding in the Income Statements is now linked to specific mapping numbers rather than account descriptions

CA/CB/IA – Amortization working papers

  • Added the option to hide CCA classes in the group headings

CL – Client enclosure letter

  • Updated the wording for “Federal corporate tax” and “Provincial corporate tax” when using Efiling
  • Updated the wording for “Federal corporate tax” and “Provincial corporate tax” when using Efiling and a balance is refundable to the client

WV – Waiver of audit resolution

  • Added a Federal option to the incorporation location popup menu

KN – Generic & single column notes

  • Introduction to notes – Modified our existing note with the option for the heading and the paragraph text to be un-numbered and un-indented

CP – Home Menu

  • Added a “Sales tax type” option in the Home Menu, removing the limitation of a single specific tax type set for the file based on which province they are located in

Please Note: In order for this functionality to work, the following modules must be updated

  • CP – Home Menu
  • CL – Client Enclosure Letter
  • EL – Engagement Letter
  • GS – GST/HST reconciliation (detailed)
  • GS1 – GST/HST reconciliation (simplified)