The KW Financial Statement (KWFS) produces the KW-specific formatted Balance Sheet and Income Statement using the KW approved chart of accounts. It ensures alignment of financial data between Transactions and the Market Center accounting package during the month end close process.
- Learn more about the accounting verbiage used in AccountEdge, when reviewing your KW Financial Statement.
Using the KW Financial Statement, financial data can be saved as often as you like. Once saved, the information will then feed into the Reports Financial Statement.
The KW Financial Statement shows the accounting data that has been submitted from your accounting package, which means prior month information may not be the same as your month end closed numbers. If you have made a change to a prior month, you will need to move the change to the current period to ensure your current data matches the month end close data.
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As you make changes in AccountEdge, you will need to ensure that you send your KW Financial Statement data to CommandMC. This keeps AE and CommandMC synced, so you can use the Balance Sheet tab, in the CommandMC Accounting Applet, to review and verify the information synced from AccountEdge. This is important for things like viewing the Month End Close page, where you need to see accurate and up-to-date information from both CommandMC and AccountEdge. |
Access the KW Financial Statement
1. Open AccountEdge.
2. From the AccountEdge Accounts control panel, click Keller Williams Financials.
3. Your Market Center Number and Security Key should be auto-filled, click Send Financial Statement to Keller Williams.
- If your Security Key field is blank, you will need to copy it from CommandMC and then add it here, before the system will let you send the Financial Statement to CommandMC.
4. A confirmation will appear, click OK.
5. Back in the CommandMC Accounting Applet (Balance Sheet tab) you will see a New Data status, including a date and time stamp, at the top left of the page. This shows that the data was successfully sent from AccountEdge.
Review the data, make sure it balances with the entries from CommandMC, and click Save New Data, at the bottom right of the page.
- Saving the data here pushes it to the rest of CommandMC, including the Month End Close tab of the Transactions Applet (used to verify for soft close and month end close).
Balance Sheet: The Balance Sheet view is the default view the Accounting Applet will open to. This view allows you to view the details of the submitted data. You will always see the current accounting month view with the option to switch the view to a different month in the current accounting year.
Income Statement: The Income Statement view allows you to view the details of the submitted data. As with the Balance Sheet, you will always see the current accounting month with the option to switch to other months in the current accounting year.
Account History: The account history view allows you to view the details of the submitted data. You can see each account submitted along with each month’s budget numbers, activity by month in the current year, and the last year ending balance. This button is not available until after the first time data is submitted.
1099/T4 Reporting: for Year End Close, we now have the ability to view 1099/T4 data from Closed Transactions for the year. On this tab, you can not only view the data, but export the overview report and agent details that include a list of Transactions that contributed to the income, as well as enter adjustments and add new 1099 income recipients who slipped through the cracks.
New Data: This date and time stamp shows the last time data was submitted to the KW Financial Statement. If changes have been made within the accounting software, the updated information will need to be submitted to the KW Financial Statement.
Download: download a PDF view of the report that is currently being viewed. The PDF will be a WYSIWYG (What You See Is What You Get) view. Once downloaded, you will be able to print.
Month Menu: Allows you to switch the view to another month within the current accounting year.
Balanced: This indicates that the Balance Sheet is in balance (the Assets = the Liabilities plus Equity).
Save: This button will only display when the balance sheet is in balance. This saves the data you have submitted to the KWFS to the KWRI servers for use by Transactions in the Month End Close tab and feeds the Key Financial Metrics. Best practice is to perform a soft close each week and save the data as part of that soft close process.
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