Caseware has prepared many updates for Caseware Financials users. In the 2024 update, you can expect:
Balance Import. Previously, users faced an issue where, during the import of interim (monthly/quarterly) reports, they had to import only the turnovers for the periods, having the opening balance to reach the balances for the reporting period (month/quarter/year). Now, even if you don’t have turnovers, you can import balances with the opening balance, and the program will automatically calculate the required turnover and present you with the balances for the reporting period (month/quarter/year) in the format you imported. Accordingly, all adjustments made to accounts or report items can also be made in the balance calculation for any period.
Faster Taxonomy Updates. Now, switching to a new taxonomy takes a maximum of 20 minutes instead of the previous 2 hours. Additionally, if necessary, users can easily revert to previous versions of taxonomies on individual projects.
Change Marking During Taxonomy Updates. To understand what changes have occurred in the taxonomy and how they affect the company’s reporting, we have added functionality to view changed tags. When switching to a new taxonomy, users receive a report on which tags need to be replaced in the entire template or individual projects.
Automated Documents. New automated documents are now available, significantly simplifying work with financial data. Users can easily view all adjusting entries by various types, including data for consolidated financial statements. New documents have also been added, such as a detailed report on accounts and mapping, which allow you to view all aspects and structure of this data in a convenient format. Documents can be easily customized, with filters and other parameters set to obtain the required information. Additionally, all these documents are available for export in Excel, PDF, or HTML formats, ensuring maximum convenience in working with data.
Year-End Closing (Double). When closing the year, you can transfer the opening balance from the previous period. If the company has closed the year and then needs to return to the previous year to make adjustments, you can perform a repeat year-end closing in a new project without losing the next year’s project. Thus, the opening balance in the current period project will be updated, and the turnovers and adjustments for the reporting periods will remain unchanged, allowing you to continue working on the project.
Auto-Mapping. Probably the most anticipated feature for all users is automatic account mapping. It is enough to enter the mapping into the Caseware database once (for convenience, an Excel file is used), and after importing invoices into the program, you just need to press one button. Thus, the program will automatically assign mapping numbers. Your invoice mapping will always be stored in the system and can be used for all projects created on the same template, which ensures fast and efficient management of mapping for multiple projects at once, without the risk of data loss.
Quarterly Financial Reporting. The update allows you to work with multiple financial reports simultaneously, significantly simplifying the process of exporting reports in different formats. Thanks to the new functionality, report exports occur independently of each other, without the need to change date settings and text formulations that differ from annual ones. All changes are automatically updated, ensuring convenience, accuracy, and time savings.
Working with the Transaction Journal. A new data handling format has been introduced, integrating the transaction journal into the Caseware system. Thanks to a simple import process, the program allows you to obtain a complete transaction journal, structured by dates (monthly or quarterly), and automatically converts all entries into account correspondences in Caseware. As a result, you will get an aggregated journal where all rows are automatically summed up by the program, and the data will be ready for mapping assignment.
New Input Text Principle. Previously, users had to add many textual disclosures to the template or add new paragraphs to the template to add a new tag. Now, all this can be done directly in the financial statements without losing data during updates.
Export images to HTML, XBRL. Corrected the program settings so that it is possible to export images in XBRL format.
To get the 2024 update for Caseware Financials,
contact your company’s manager directly
or via email at financials@caseware.com.ua.
