Updating SoFP Line Items (Cloud)

What it is: The ability to edit line item headings on the Statement of Financial Position (SoFP) in Draftworx Cloud, allowing preparers to customise wording while respecting headings that are fixed by the reporting standard.

What it's for

Reporting standards prescribe certain line item names on the SoFP. Draftworx Cloud marks which headings come directly from the standard (they show a Checklist reference in the top right when selected) so preparers know which can be changed freely and which should remain as prescribed. Formula-driven headings that are not standard-governed are editable via the Notes sheets.

How to do it

Identifying and editing SoFP line item headings

1. Select a Line Item Heading on the SoFP. If you see a reference to the Checklist in the top-right corner, the wording comes from the Reporting Standards — change it with caution.
2. For a heading that is not standard-governed and is driven by a formula, select the Hyperlink inline with that heading. This navigates you to the relevant Notes Sheet.
3. Update the Line Item Heading text in the Notes Sheet.
4. Navigate back to the SoFP — the updated wording will be reflected automatically.

Tip: Hyperlinks on the SoFP can also be used to navigate directly to the Notes or Leads relating to a line item.

Related concepts

• Disclosures
• Reporting Frameworks

Source

https://draftworx.helpjuice.com/en_US/cloud/draftworx-cloud-updating-statement-of-financial-position-sofp-line-items

Walkthrough

• Updating SoFP Line Items guide (4 steps)