How to add a standard workpaper record to a binder

This article assists users in the Processing phase of Active Workpapers.


Business Fitness has around 100 standard templates available for use within Active Workpapers. These are managed by qualified accountants and are compliant with tax laws. It is advised that these templates are used when processing a tax and accounts job to ensure consistency across your firm and compliance with laws and regulations.


If you have not yet setup your workpaper binder, see Knowledge Article: How to create and access a workpaper binder.


Linking a worksheet to the binder

Once you have created a binder and linked a data source, you can link records to each of the Trial Balance accounts in the Index screen.



For example, to reconcile a bank account, add a bank worksheet:


Click the + button on the right-hand side of the account line.


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The following screen will open. Select Workpaper Record Template.


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Select the Bank record.


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Hint: Any record with the “b” icon next to it is a Business Fitness standard workpaper template.


Set the status of the workpaper to “In Progress” as you start working on it, fill out the details as required, and press Save.


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A bank worksheet will be populated to the excel workpapers.


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Enter the Bank account name, bank details, dates and hyperlink the bank statement as support for the workpaper. Add the balance per the bank statement.



The reconciliation indicator will turn green on the workpaper, and a green tick will appear on the Index to indicate that there is a two-way match between the workpaper and the General Ledger.


Another example, to reconcile trade debtors, add a trade debtors record:


Click the + button on the right-hand side of the account line.

 


The following screen will open. Select Workpaper Record Template.


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Select the Trade Debtors record.


 

Set the status of the workpaper to “In Progress” as you start working on it, fill out the details as required, and press Save.


 

A trade debtors worksheet will be populated to the excel workpapers.

 

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You will note that the trade debtors workpaper 'automatically' reconciles itself as it does a comparison between the Aged Debtors information/balance from Xero and the General Ledger.


Proceed to link and fill out standard workpaper record templates (where available) for all accounts requiring reconciliation. Where there is no standard workpaper record template for your account, you can create your own workpaper or use a standard firm template. Refer to Knowledge Article: How to add your own worksheet to a binder.


Next article: How to change workpaper status.

 

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