Accounting Policies can be customised on three levels:
- Master Notes (Managed by Reportance)
- Firm Notes (Managed by your firm)
- 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.
|Name||Required - Text|
|Show by Default|
|Name||Required - Text|
|Application Date||The date from which the policy will apply.||Date picker|
|Earliest Application Date||May optionally apply to reporting periods beginning on or after this date.||Date picker|
|Expiry Date||The policy will not apply to reporting periods after this date.||Date picker|
|Default - Applies to all entities|
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 represent the content of an accounting policy. Variants enable you to modify the policy based on factors such as:
- The financial reporting framework
- The financial period to which the policy will relate
- 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:
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.