Issue
How do I make an adjustment to Note #1 Statement of Significant Accounting Policies in Notes to the Financial Statements, for the whole business or for a particular fund?
If, in the future, Class updates the Note #1 template, it will not be updated for your business. You will need to ensure you update Note #1 with any changes.
Resolution
If you have ever previously customised Note #1, to reverse the changes and to get the new updates of Note #1 from Class, please follow the steps outlined in this article first How to reverse the customisation of Note #1 of the Financial Statements
To resolve this issue:
Step 1: Download the current Template
Step 2: Update the Template in Microsoft Word
Step 3: Upload the new template to Class
Step 1: Download the current Template
Navigate to the Fund level > Reports > Run Reports
- Select Notes to the Financial Statements
- Enter the report date
- Select output format as "RTF/Word"
- Click on Run
Step 2: Update the Template in Microsoft Word
Notes to the Financial Statements will be downloaded to your computer in Word format
- Open the Word document
- Make adjustments to Note# 1 in this document
- Save it
- Copy Note#1
Step 3: Upload the new template to Class
Navigate to the Fund level > Reports > Run Reports
- Select Notes to the Financial Statements
- Enter the report date
- Click on Edit Notes Contents button to Note#1 parameter
- From the pop-up screen, paste the updated template
- Click on Save
If the new template should apply to the whole business, process these steps at the Business level > Reports > Reporting Defaults
If making the changes at the business level with multiple White Labels, repeat the above steps for all the required White Labels.
The resolution to make adjustment to qualification notes in Audit report for SMSF is similar. You will need to select Audit Report - SMSF to download and update the template as per Step 1 and Step 2. And click on Edit Note Contents to Part A or Part B Qualification to upload the adjustment as per Step 3.