Observation Tolerance

Observation Tolerance

Introduction

Our new Observation Tolerance feature has been introduced to reduce unnecessary manual work when reviewing data imported from accounting softwares. This feature allows users to set acceptable variance limits for small discrepancies, such as rounding differences in market values or incomes. Observations within the tolerance range will now automatically move to the Good To Go section, eliminating the need to approve minor discrepancies.  

Observation Tolerance Limit Application

You can set the Observation Tolerance Limit for the following observations:
  1. Income Comparison - Compares the income received from the listed investments with the income announcement data.
    1. The Tolerance Limit applies to:
      1. The difference of Total Income and Estimated Income.
      2. The difference of Franking Credit and Estimated Franking Credit.
  2. Market Value - Compares the market price of listed investments recorded in accounting software with ASX and IRESS.
    1. The Tolerance Limit applies to:
      1. Difference of Market Price and Source Price.

How to Set Observation Tolerance Limit

To set Tolerance Limit for Income Comparison and Market Value Observation, follow the steps given below.
Step 1: Click on Admin > Observation Tolerance.
​


Step 2: Add the Amount as Tolerance Limit for Income Comparison Observation.



Step 3: For Market Value Observation, you can either set the limit by Amount or Percentage.




Note: The tolerance limit can be set as a single digit, regardless of whether it is based on amount or percentage.
Step 4: Once done, click on Save.



Step 5: You will receive a confirmation toast message to confirm your action.



You can use the above method to change the Tolerance Limit as and when required. Once you have added or changed the Tolerance Limit, Last update by, Date and Time will be displayed alongside the Save button.



Feel free to reach out Cloudoffis Support Team for any assistance that you may require.

    • Related Articles

    • Observation

      Introduction We have 11 observations that are being run on the data imported from the Accounting Software. Based on their status, observations are categorized into three tabs: Warning, Good To Go, and Not Applicable. Not Applicable Tab: Observations ...

    • Profile

      Introduction The profile section consists of Personal Details, Profile Picture, Company Logo, Change Password page, and Firm Details. The mentioned details can be changed, updated, or removed. Following are the actions that can be performed from this ...

    • MFA

      Introduction MFA(Multi-Factor Authentication)is a security technology that requires multiple methods of authentication from independent categories of credentials to verify a user's identity for a login process or other transactions. Multifactor ...

    • Auditomation Basic portal

      Introduction This guide will walk you through the process of setting up your account and using the key features available to you. SMSF Auditomation Basic is designed for auditors whose accountants are using SMSF Sorted Pro. Accountants can complete ...

    • SSO Authentication

      SSO Authentication Process (Azure) Follow the steps given below to authenticate SSO in Azure. Step 1: Log in to the Azure portal. Open your web browser and navigate to https://portal.azure.com. Step 2: Go to Azure Active Directory service from the ...