Dynamic AFS Preparation Tool

The Ducharme Dynamic AFS reporting tool allows for the upload of electronic financial details in a flat file, which is then converted and populated into a specific reporting framework. Usage examples include the conversion of an electronic year-end trial balance into a set of reporting formats, such as used for Annual Financial Statements, month-end trial balances reporting, interim financial statements and more.

This can be used by municipalities, TVET colleges, public entities, departments and any other organisation to prepare year-end financial statements, and be tailored for other ad hoc in-year financial reporting.

Our AFS Reporting Tool, which includes the latest changes applicable to the GRAP and IPSAS accounting reporting frameworks, accounting policies and NT requirements, provides for account balances and transactions to be populated from the mapped trial balance based on the applicable Chart of Accounts / Vote Structure. The mapped structure and composition are based on the respective votes included for the Financial Performance (revenue, expenditure, appropriations, disposal of assets) or Financial Position Votes (non-current assets & liabilities, community wealth, suspense votes, old vote numbers, CAPEX totals for IYM, etc.) Each transaction and balance category will be further allocated to a sub-category item, item type, movement, etc.

It also provides for the rollover of balances from the previous years for comparative information. An example of a mapped balance from a vote:

• Non-current assets:
• Property Plant & Equipment
• Land And Buildings
• Historical Cost: Completed
• Balance Beginning of Year

The tool also provides for pro-forma accounting adjustments to be included the AFS which are not reflected in the TB, with separate reconciliation thereto. These include debtors with credit balances, contingent liabilities and/or assets. Once a mapped set of AFS has been prepared, changes can also still be made in the underlying accounting systems (due to journals or further processing). These changes can then be easily updated and reconciled in the automated AFS to reflect the updated position. Computer check-balances are in place to identify unmapped details. Due to the integrated data linking from the TB to the mapped AFS, detailed working papers and reports can be run. These working papers can be used as lead sheets for audit purposes to be included in the audit files, matching back to the TB.

Other reports include:

• Unauthorised expenditure comparison reports, based on actual and budget information included in the AFS.
• Detailed reports per cost centre vote number reports (cost centre per Department).
• Other reports run include the automated population of the in-year reporting, cash flows, with details included of previous years’ audited outcomes, comparison to the original and adjusted budgets, as well as the MTREF information.
• Editable output: As the tool runs in Visual Basic and read within the excel file format, additional information can be added and updated with new requirements.
• Annual reporting update: With no annual license fees payable, entities can update their reporting tools themselves at no cost. We can provide ad hoc support to update these to their latest reporting requirements.

For more information, contact James Such on jsuch@ducharmeconsulting.co.za or 076 402 6242.