The Financial Statements in UltimateCL

The next step is the completion of the Financial Statements, a required step that is designed to improve the speed and accuracy of entering the organization’s income and expenses according to the books and balance sheet data. The data can be manually entered based on the organization’s financial records or by importing the data using a .csv file. See Article on Import data for the QuickBooks Import directions.  

Add data to the Financial Income Statement:

1. While the Return file is open, under the Attached Forms list, General section, double-click FINANCIALS – INCOME STATEMENT. The Financial Statements – Income Statement window will open.
2. Check the first box to elect to use the tax information reported in the Asset Manager to complete the fields pertaining to depreciation, amortization, auto expenses and sales of assets. If this box is not checked, the User will need to enter this data manually.
3. Enter all applicable information into the Revenue and Expenses sections or alternatively import the business data from QuickBooks according to the directions in Article on Import data. 

Add the Financial Balance Sheet:

1. While the Return file is open, under the Attached Forms list, General section, double-click on Financials – Balance Sheet. The Financial Statements – Balance Sheet window will open.
2. Check the first box to reconcile differences in assets and liabilities in the equity accounts. If this box is not checked, this reconciliation will not occur unless the User manually enters the information.
3. Check the second box to elect to use the tax information reported in the Asset Manager to complete the fields pertaining to depreciation, amortization, auto expenses and sales of assets. If this box is not checked, the User will need to enter this data manually.
4. Enter all applicable information into the Assets, Liabilities, and Owners’ Equity sections or alternatively import the business data from QuickBooks according to the directions in Article on how to Import Financial data. If the import has already been completed, the data will already appear.