The CCH ProSystem fx Trial Balance product is an “after the fact” trial balance and accounting product that allows multiple users to access files. The product is best suited as a tool for client write-up where the bookkeeping is performed in another application, as the product does not include the subsidiary ledgers normally included in products used for client bookkeeping.
This product is a full-featured write-up system that allows users to choose the following:
- Reporting Periods (monthly, quarterly & annual)
- Company Segments
- Basis of Accounting (accrual, cash, tax, etc)
Once the initial settings are chosen, the user can either enter transactions or import balances from a third-party system or Microsoft Excel (most major accounting systems are supported with this product). After the initial account balances are in the product, users can create adjusting journal entries based on the needs of the engagement.
The product comes pre-populated with more than 70 workpaper templates that can be easily customized. In addition to workpaper templates, the product has financial statement templates that can be customized, as well. All of the financial statements can be created within the software or linked to an Excel or Word file. If the financial statements are created within the system, the user can see the underlying activity of a line item on the financial statement by clicking on the item. This is similar to the QuickBooks drilldown feature. Included in the workpaper templates are customizable financial analysis templates that allow users to add value to their clients.
Once the user is ready to start the tax return, the trial balance can be easily exported to many packages, including ProSystem fx Tax, GoSystem RS Tax and Lacerte Tax.
The number one selling point of this product is its intuitive user interface. Little training is required to understand the layout and workflow of this product.