The ProSystem fx Trial Balance system can be used as a stand-alone trial balance program or used in conjunction with the ProSystem fx Suite of professional accounting and tax applications. The system offers import capabilities from most small and mid-sized business accounting programs, allowing users to easily work with data from multiple clients and systems. For more intensive audit-focused practices, CCH also offers ProSystem fx Engagement, which includes the core functions and reporting features in the Trial Balance program and is reviewed on page XX of this issue.
ProSystem fx Trial Balance can support an unlimited number of business entities, including subsidiary units, enabling professional users to easily perform or roll back consolidations. The program also supports nonprofit entities. The system’s primary interface offers extensive customization options, including user-definable menus and shortcuts that can simplify workflow processes. Several wizards are also available, which help set up trial balance and financial statement templates, while industry-specific features offer predefined and customizable lead schedules, classifications, groupings and sub-groupings.
Users can create adjusting, passed adjusting, re-class, tax, eliminating journal and intentionally unbalanced entries, while transactional data is easy to apply to source journals, such as cash receipts, disbursements and general journals. Side-by-side comparison views allow quick oversight of consolidations or combinations. ProSystem fx Trial Balance offers strong calculation capabilities and reporting options, including multiple period types for interim processing that allows users to quickly generate output based on month, quarter or semi-annual periods, or to create and calculate larger custom periods. The system also offers analytical review workpapers that present current and prior-year period comparisons.
For nonprofits and governmental entities, ProSystem fx Trial Balance offers additional industry standards, including educational institutions, government, healthcare, school districts and other groups. Users can create various fund types based on their industry, and fund accounting can be linked to an entity’s Form 990. Financial statement generation functions include drilldown access to underlying details, the ability to combine accounts into built-in leads and class schedules, customizable predefined financial set templates, simplified on-screen formatting, and the ability to add supplemental schedules to income and balance sheet statements.
ProSystem fx Trial Balance integrates directly with CCH’s tax, engagement and write-up packages, imports client files from ACE, ATB, FAST!, FAST Advantage and GoSystem Audit, and can pull data from most accounting packages. All reports can be generated into Microsoft Office formats, and users can cross-link to other Word and Excel files. Pricing starts around $1,400.
See inside July 2010
Audit Engagement Tools
Characters 8192 AuditConfirmations LLC www.auditconfirmations.com AuditConfirmations offers an electronic bank confirmation (deposit and loan accounts) process targeted specifically to tax and accounting firms. AuditConfirmations allows firms to electronically submit bank confirmations to any bank using the bank’s contact name and email address. The process works by having the auditor create an audit confirmation request, which […]
Engagement & Trial Balance: Do You Need A Standalone System?
EngTBIntro0710.doc — 4368 By Isaac M. O’Bannon, Technology Editor Trial balance and audit engagement management programs share a few essential basics: creation of financials and client deliverables, account manipulation, consolidations, reporting, and analysis. After these areas, however, trial balance usually stops and engagement systems are just beginning, and the two types of systems very rarely […]