Closing task section: Final Review
The Final Review section is used to review client financial statements and key management reports.
The following reports are included:
Profit and Loss
Balance Sheet
Statement of Cash Flows
A/P Aging Report
A/R Aging Report
Starring key accounts
Starred accounts on the Profit & Loss / Balance Sheet closing tasks will appear on the Key Profit & Loss / Key Balance Sheet pages in published Management Reports.
To add key accounts:
Navigate to the close page's Close tab
Scroll to the Final Review closing task section
Hover the cursor next to an account
Select the star 🌟 to note a key account
Variance/flux analysis
When reviewing the Profit and Loss and Balance Sheet, Double automatically flags accounts that deviate significantly from the historical average.
This helps identify potential coding inconsistencies and surface genuine business trends to share with clients.
💡 Not loving the red & green? Enable monochrome insights under Practice Settings.
Why does variance show up?
Variances show how spending trends over time. They appear on financial statements when an account balance in the current month increases or decreases by more than 20%, with a minimum threshold of $100.
How is variance calculated?
Variances are calculated by comparing the current month's balance to the trailing average of all prior months in the report.
👇 In the example below, the current month of December ($1,556) is 26% less than the average of October ($2,136) and November ($2,066). 👇
Vendor drill-down
To explore an account in more detail, clicking it displays a Vendors by Spend report filtered to that account. Variances for each vendor are also shown.
Clicking into a vendor displays a list of all transactions with that vendor, for the selected period.
Profit & Loss by Class and Location
To filter the P&L by Class and Location,
Confirm that your Class and/or Location filters are enabled under Client Settings
In the Reporting tab, select Add Report > Profit & Loss
Select Filters (class and/or location)
Add Footnotes to highlight any trends
Adding footnotes
While in the Profit & Loss or Balance Sheet closing tasks, hover over the account row to view the footnote option.
Editing Transactions & Asking Questions
When viewing a transaction list, transactions can be reclassified inline or a question can be added to the Client Portal.
Files
When statements are uploaded to account reconciliation tasks in Double, those files are also visible in the Final Review section on the Balance Sheet and Profit & Loss.
Creating Multiple Financial Statement Reports
When multiple Profit and Loss / Balance Sheet tasks are needed as part of a month-end review, they can be created and saved as part of the close.
To do this, navigate to the Final Review section, click Add Report, select either a Profit and Loss or Balance Sheet, and then choose and save the desired configurations.
These reports can also be created in templates to allow application across multiple clients.