Using the Consolidated Financial Statements Group import template

Overview

This article explains the purpose of all the data fields in the Consolidated Financial Statement group import template. This template can be used to import trial balances and workpapers into multiple entities at once, for a Consolidated Financial Statements group. 

Instructions on setting up a Consolidated Financial Statements group and importing a trial balance file are here. 

Group import data fields

When using the group import template, ensure you take note of specific columns that affect the data import process.

The following columns are mandatory:

• Company - this is the unique code assigned to the entity. To import group data, each entity needs to have a unique code entered. Instructions on how to set up or edit the entity code are here.
• Code - the trial balance account code
• Description - the trial balance account description
• Amount - the trial balance accounts amount.

The following columns are optional. Leave them blank if they are not required for an account.

• AccountGroup- this sets whether an account is Balance Sheet or Income Statement and is useful when importing new account codes. 
  • If an account is already categorised as Income Statement and the template says BS, then it will not change on import.
• AdjustmentType- this will add a workpaper to an account. Enter the ID number that corresponds to the required workpaper type. A document showing the AdjustmentType IDs for different workpaper types can be found in the Workpaper Mapping Guide at the bottom of this article.
  • This will only add a workpaper if there is not already one against the account. It will not change an existing workpaper type even if a different workpaper type is listed in the import template to what is on the account already.
  • The Workpaper Mapping Guide also shows what workpapers are available for which entity types. It is important to only try importing with AdjustmentTypes that are applicable for the entity type you are importing for. 
• ReturnDisclosureType- this sets a specific Tax Form Disclosure on a workpaper. It is not required to be set on every workpaper as it will automatically be set to a default tax form disclosure based on the workpaper type. 
  • Workpapers that are more likely to need a specific ReturnDisclosureType set are listed in the Workpaper Mapping Guide. 
• AccountsAdjustment- this populates basic adjustments for permanent difference workpapers.
  • Even if you populate a number against a account with a temporary difference workpaper or entertainment workpaper it will not bring that number in. 
  • It will only import numbers, not formulae such as =100%. 
• GrossIncome- this populates the Gross income field on workpapers. This is useful for dividend income workpapers where the gross (taxable) income is different to the amount in the accounts.
  • Where the accounts amount is the same as the gross income, it is best to leave this blank.  
• RWT - this populates the withholding tax on workpapers such as interest income and dividend income. Enter this as a negative value.
• ImputationCredits - this populates the imputation credits on dividend workpapers. Enter this as a negative value. 
• PaymentDate - this populates the Date Paid on workpapers that have that field such as interest income or dividend income. If left blank, the date paid will default to the balance date.
• ForeignIncomeTaxPaid - this populates the foreign tax paid on foreign income workpapers. Enter this as a negative value. 
• Segment - this populates the Segment on foreign income workpapers. 
• NRWTRate- use this with IR3 and IR3NR entity types to populate a Year end prescribed investor rate on a PIE income workpaper (IR3) or the NRWT rate on interest, dividend or royalty workpapers (IR3NR).
  • Enter the rate as a decimal. E.g. 28% would be entered in the Group Import Template as 0.28.

Templates are attached at the end of this article and contain test data. Please download the file, and delete the test data before working in it.

Related Articles:

Learn how to Import trial balances for a Group from Microsoft Excel

Learn how to Create a Group

Read an Overview of a Consolidated Tax Group