Before You Begin...
Upload your Data
If you are preparing your ACFR, you will need to upload new data to Disclosure Studio.
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Optional: Create your ACFR Document First
If you are still in the process of having your data integrated, you can create a ACFR Document in Disclosure Studio and begin adding any narrative pieces and come back to the MDFM to create statements.
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Learn the Process
When creating statements in the MDFM, you will start by creating the Fund-Level Statements. The data from these statements will flow into additional statements (Cash Flow and Government Wide) setting you up for success to then finalize the MD&A.
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4 Steps to Preparing Financial Statements for ACFR using MDFM
Step 1: Create Fund Statements
Assign unmapped fund accounts to the correct statement lines by creating simple, reusable local rules. This will streamline mapping across governmental, proprietary, or fiduciary fund statements.
Resource: Map Fund Level Statements
Optional: Create Journal and Conversion Entries
Update attributes on conversion journal entries—individually or in bulk.
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Step 2: Create Cash Flow Statements and Reconciliations
Ensure that you working with latest available data, b. Ensure that all lines from Trial Balance is captured for statement preparation, c. Make adjustments, reclassifications to trial balance for accurate statement presentation, d. Perform final check to statement presentation to avoid errors
Step 3: Create Government Wide Statements
Map accounts to a Government-Wide Statements (Statement of Net Position and Statement of Activities) line by line, ensuring your fiscal period and activity type (functions/programs) and line items are correctly assigned.
Resource: Create Government Wide Statements
Step 4: Finalize Management Discussion and Analysis Tables
- Open MDFM → Admin → Dimensions → MD&A.
- Assess whether new line items are required and, if so, add them to the MDFM dimensions.
- Copy any formulas from previous lines for any new lines added.
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Perform a final check to avoid errors and enter rounding entries, if needed.
- Note: Rounding entries can not be done on the top of formulas, for this you need to create a separate child dimension.
Time to Create your ACFR!
If you haven't yet created your ACFR in Disclosure Studio, now is the time! Head to Disclosure Studio to create your report and add your statements and narratives.
Resources: ACFR Reports
Need Additional Resources?
Feel free to search our Support Center or review resources on this specific module: MDFM
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