How to customise firmwide binder tolerances

This article assists admin users use the Admin Centre within Active Workpapers.


Admin users can fully customise the back end of the Active Platform to suit the style and requirements of the firm.


Tolerances are the amount by which a workpaper reconciliation can be out by and still be treated as reconciled. For example, if assets have a tolerance set of $5.00, this means that when preparing a workpaper reconciliation for an asset account, the balance per the workpaper can vary by $5.00 above or below the general ledger balance and the account will be classified as reconciled.


Accessing the binder settings admin centre


Navigate to the active platform home page.



C
lick on your name icon and press Admin Centre.


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Click on Binder Settings under the workpapers banner. You will be taken to another webpage.


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The Active Platform ships with a default global tolerance of $0.00. This means that all accounts must exactly match their associated workpapers in the index before being classified as reconciled.



Global Tolerance


To update the global tolerance, which will be the tolerance level associated with every account in the Workpapers Index, type a firm wide acceptable tolerance. This will become the standard tolerance across all workpaper templates. Some firms will accept $1.00 as a global tolerance as this allows for any rounding differences to be accounted for in the workpaper reconciliation.


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Account Type Tolerances


The account type tolerances are where you can set individual tolerances for the different types of accounts in the workpaper index. This is a more appropriate way of setting tolerances as each account type has its own level of risk associated with it.


Account type tolerances are automatically defaulted to the global tolerance.


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To update an account type’s tolerance, click on the Global Default tag next to the account and type the tolerance you desire. Do this for all accounts where you wish to change the tolerance from the global tolerance.



Once happy with all of the tolerances set, scroll down and click Update.



Note: any changes made to the tolerances in the admin centre will apply to all existing and future workpaper binders. Consider the effect of this change before pressing update.


Next article: How to customise account type matching rules.

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