New Feature Releases FINAHQ
At FINAHQ we continuously aim to make our reporting module more comprehensive, and we are constantly upgrading our product based on user feedback. <ajor enhancements released in June include:
Income statement now extend to Total comprehensive income
1) We ask you to identify your Other comprehensive income accounts in our COA questionnaire with additional attributes which include whether the caption is recycled to income statement or not.
2) Based on the COA questionnaire and the information submitted as part of the reporting project we compute Total Comprehensive Income (TCI)
3) The split of Profit after Taxes (PAT) / TCI between Parent and Non-controlling is fully automated as part of the income statement.
Associate Accounting
1) We now have a separate section to manage associate accounting. Prior to the release, equity accounting could be achieved using our other adjustments page and recording JE’s for profit pick up.
2) Based on user feedback we have created a separate section inside a project to manage associate accounting. The investor has to input details such as PAT and comprehensive income of the Associate and the tool will automatically compute based on the Investment % and post the JE.
3) This process will streamline associate accounting and the user would only need to feed information from the financial statements of the associate for the project period without spending time on computations.
Adding Branches to the group structure
1) Corporate teams can also now add branches including foreign currency branches to the group structure. All other features of subsidiaries including user access/ ability to create separate reporting projects will be available to branches
Consolidated Trail Balance
1) Whilst our product produced consolidated financial statements which could be exported to excel/ presented in any format using our excel plug in, one requirement which kept coming up was for a consolidated TB which would also act as a reconciliation between separate financial statements and the consolidated adjustments.
2) Effectively the reconciliation from GL level data at the subsidiary level+ Consolidation adjustments needed to be presented in the form of a Trail balance which could be linked to financial statement numbers without having to drill through individual components. Further the way the TB has been constructed will result in the controllership function being able to complete a Profit/ Equity reconciliation easily without too much effort.