If you are looking for the Reportance Desktop help, please click here.

Reporting - Accounting Policies

Accounting Policies can be customised on three levels: 

  1. Master Notes (Managed by Reportance)
  2. Firm Notes (Managed by your firm)
  3. File Notes (Managed by users for each client file)


This section will cover customising client-specific accounting policies/notes. By default, these accounting policies will be prepopulated by Reportance Master Notes and any of the firm's changes or updates to those notes.


To access the accounting policies for a specific client file, select Accounting Policies from the File Settings menu from any screen, as shown below.






Adding a new policy


To add a new policy for this client click on + New Policy.


The following table details the new policy fields: 

FieldDescriptionValidation
NameThe name of the policy which will appear in the financial report.Required - Text
Location
(dropdown box)
Sets which section the note appears within the Notes.
General or Note 1
DescriptionThis is an internal description that provides users with the gist of the note.
Text
Show by Default
(dropdown box)
Sets the default display of the note.
Options:
- If related account appears
- Always
- Never
Default When any of the following Account Types Appear
Sets the account which the above field looks for to display the NoteSearch Field. Required when "If related account appears" is selected above. More than one account can be selected.


After the basics of the policy have been completed select Save. An example is shown below.


After clicking Save on the accounting policy the policy variant section will be displayed. From here you can add different variants for different Policy Suites and different Entity Types. 


Field DescriptionValidation
NameName of Policy Variant. Normally this would be a defining attribute. I.e. SPFR-AASB Company.  
Required - Text
DescriptionThis is an internal description that provides users with the gist of the note.Text
Application DateThe date from which the policy will apply.Date picker
Earliest Application DateMay optionally apply to reporting periods beginning on or after this date. Date picker
Expiry DateThe policy will not apply to reporting periods after this date.Date picker
Reporting Suites
(dropdown box)
Selects which Reporting Suite the variant will belong to. More than one suite can be selected.Options:
- Simple
- 2021 GPFR Tier 2
- 2020 SPFR
Entity Types
(dropdown box)
Selects which entity to display the policy variant for. More than one entity can be selected.
Default - Applies to all entities
Content*This is the content of the note that will be displayed in the report. 
Text


*Content can also use fields to import information about the client or your firm. To find out more about fields within reports see the knowledge article Reporting - Fields. 


After completing all the required fields select Save. This will save the policy variant into the system. It is possible to add many policy variants to each Note, however, we recommend adding as few as possible.



Editing an existing custom Policy


To edit an existing policy click on the policy. Make any required changes to the policy. The same fields are available for edit as those available under the 'Adding a new policy' section. Once all the required changes have been made click on Save Policy.



Editing a master policy


A master policy is unable to be edited outright. However, you can perform a customisation process on the note.  This creates a new variant of the whole policy. The benefit of this process is that if the standards update and Reportance updates the default policy you can revert or merge any changes to the customisations a user has made in the accounting policy. 


To customise a master policy select customise from the bottom of the screen as shown below:


 


This will now enable you to edit the accounting policy, and allow you to, add, edit or remove policy variants.





Policy Variants


Policy variants represent the content of an accounting policy. Variants enable you to modify the policy based on factors such as:

  1. The financial reporting framework
  2. The financial period to which the policy will relate
  3. Whether the policy could differ based on client context and/or management discretion



Adding a Policy Variant


After you select Add New Policy Variant you can add details as follows:


FieldDescriptionValidation
NameName of Policy Variant. Normally this would be a defining attribute. I.e. SPFR-AASB Company.  Require 
DescriptionThis is an internal description that provides users with the gist of the note.
String
Reporting Suites (Dropdown box)Selects which Reporting Suite the variant will belong too. Required 
Entity Types (Dropdown box)Selects which entity to display the policy variant for. More than one entity can be selectedDefault - Applies to all entities
Default (Checkbox)
This is an internal description that provides users with the gist of the note
Checked / Unchecked 
Content*This is the content of the note itself. I.e. what will be displayed in the report. String.


After completing all the required fields select Save. This will save the policy variant into the system. It is possible to add many policy variants to each note, however, we recommend adding as few as possible.

One feature which allows you to use a note for multiple entity types if fields and conditional if statements. 


*Content can also use fields to import information about the client or your firm. To find out more about fields within report see the knowledge article Reporting - Fields.



Customising an existing Policy Variant


To customise an existing master or firm policy variant select the customise button in the lower-left corner as shown below. 




After saving the new customised policy, you will be able to track changes to the master policy by comparing to the master version as shown below.



To delete the customised version and revert to the original master select Delete Customised Version

To maintain the current customised version select Save.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.