Instructions - WiseEconomy: Financial Statement Tool

The Financial Statements Tool can be accessed in the system by following this path:

• Economy
• Accountancy
• Financial Statements

The Financial Statements Management View

The Financial Statements Management View allows you to create a new financial statement and manage and review previous or unfinished financial statements. This view also serves as a storage tool for financial statements.

Financial Statements Status:

1. Draft: The financial statement is in draft status until it is closed. Closing it is done by clicking "Close Financial Statement".
2. Closed: A closed financial statement cannot be edited anymore. It is advisable to close it once the financial statement has been audited, and you are certain that it will be approved at the shareholders' meeting as it is. Closing the financial statement generates the profit/loss entry and closes the fiscal year.
3. Signed: When a closed financial statement has a signed PDF attached, the financial statement moves to the signed state.

Before creating the financial statement

Step 1: Complete the accounting for the relevant financial year!
Step 2: Ensure that the subheadings of the income statement are visible in the chart of accounts.
Step 3: If the subheadings are missing, add them to the chart of accounts.

Instructions:
Open the chart of accounts and click "Add heading." Add the subheadings listed below to the chart of accounts one by one under the main heading 3 Income Statement:
OPERATING PROFIT (LOSS) = 8999
PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES = 9799

Creating a New Financial Statement

Creating a financial statement in the system begins by clicking "Add New" in the financial statement management view.

• The financial statement name cannot be the same as any existing financial statement.
• Set the period of the financial statement - by default, it's the fiscal year.
• The comparison period is set to the previous fiscal year's data.
• The option to "Copy figures from the last financial statement" is significant when the previous year's financial statement has been created through WisePlatform. In this case, the visible rows of the income statement and balance sheet from the previous financial statement are copied along with their bold formatting.

NOTE! The "Copy figures from the last financial statement" option will only appear if there are previous financial statements in the system.

The General Information -tab

On the "General Information" tab, the table of contents of the financial statements is presented. On this tab, you can also specify the signatories and auditor of the financial statements.
With the "Copy Texts from Previous Annual Report" function, you can copy text from the previous financial statement available in the system:

• Signatories
• The information from the Attachment tab as it is.

You can, however, edit the attachments on the Attachments tab. The edited information should be saved or saved and moved to the next tab simultaneously.

Balance sheet -tab

The balance sheet view is constructed on the Balance Sheet tab.
The balance sheet's account groups and accounts to be displayed in the financial statements can be selected using the arrow keys next to the account group and account names. Selected account groups or accounts can be bolded in the financial statements if desired.

Example in the screenshot:

• 1 Title - appears in the financial statement and is bolded.
• 10 Fixed assets - appears in the financial statement and is bolded.
• The financial statement groups below fixed assets are shown in the financial statement:
  • 100 Intangible assets
  • 110 Tangible assets
• Note! Zero-sum rows never appear in the financial statement. For this reason, the account group 140 Investments does not appear in the financial statement.
  • However, if the row had a balance in the previous financial statement, it will be displayed in the new financial statement.
• 15 Current assets -heading is visible in the financial statement, but nothing under it is shown with the selection in the screenshot.

The edited information should be saved or saved and moved to the next tab simultaneously.

Income Statement -Tab

Income Statement view is constructed on the Income Statement tab.

Displayed income statement account groups and accounts can be selected for the financial statement using the arrow keys located next to the account group and account names. Selected account groups or accounts can be bolded in the financial statement if desired.

Example in the screenshot:

• The first row heading 3 Income Statement is never displayed in the financial statements.
• 30 Revenue heading appears in the financial statements and is bolded.
• 400 Materials and services are displayed in the financial statements as bolded.
• 500 Personnel costs are displayed in the financial statements as bolded.
• Below Personnel costs, the following account groups are displayed in the financial statements:
  • • 501 Wages and salaries
• 600 Employee benefits
• 680 Depreciation and impairments are displayed in the financial statements as bolded.
• 700 Other operating expenses are displayed in the financial statements as bolded.
• OPERATING PROFIT/LOSS is displayed in the financial statements as bolded.
• 900 Financial income and expenses are displayed in the financial statements.
• 970 Extraordinary items are displayed in the financial statements.
• PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES is displayed in the financial statements as bolded.
• 980 Appropriations are displayed in the financial statements.
• 990 Income taxes are displayed in the financial statements.
• NET PROFIT (LOSS) FOR THE PERIOD is displayed in the financial statements as bolded.

Modified data should be saved or saved and proceed to the next tab simultaneously.

The notes -tab

The "Notes" tab is where you define the notes presented in the financial statements.

Notes can be copied directly from the previous financial statement using the "Copy texts from the previous financial statement" function on the "General information" tab.

Notes can be edited at any time while the financial statement is in draft status.
Modified data should be saved.

Selection and addition of supplementary information

Default headers have been added to the supplementary information, which can be selected to be displayed in the financial statements. You can view the headers by clicking on the three vertical dots on the tab (as shown in the screenshot). Headers can be selected for display in the financial statements by checking the boxes next to them.

You can also add your own subheading to the financial statements by clicking "Add heading". Then, give the heading a name and specify under which header it will appear in the supplementary information.
Modified data should be saved.

Editing/Writing Supplementary Information

Individual supplementary information can be edited by clicking the arrow button on the header row.

Changes can be made to the header name, or the information displayed under the header.

NOTE! The use of tabulation should be avoided when creating/writing supplementary information. We recommend creating a table, for example, in Excel and pasting it into the supplementary information, or alternatively, creating a table using the system's table tool.

Modified data should be saved.

Downloading and Editing the Financial Statements

The financial statement can be downloaded by clicking "Download Financial Statement". The system then generates a Word document of the financial statement and downloads it to the computer's downloads folder. By opening the file, you can view its contents.

If there is a need to edit the financial statement, you can do so by returning to the financial statement management as long as the financial statement has not been accepted yet and it is still in draft status. Therefore, the financial statement should not be closed until it is ready and satisfies all parties.

Modified data should be saved. Downloading the financial statement also saves the changed data.
Page numbering does not automatically appear in the Word document. To display page numbers in the document, right-click at the table of contents in the document and then select: "Update Field" - "Update Page Numbers Only".