Accounting Working Papers: Tools and Templates to Help Streamline Your Validation Processes
Workpaper is a method of validation of data set that you import, an end points with attachments/files. For your reference and easy access or an evidence.
You can’t produce special purpose financial reports and income tax returns without using various reconciliation techniques to validate the data-sets.
How do you know if a bank balance in a set of financial statements is correct?
By checking that the balance that was in the bank account on a particular day can be matched either directly or by understanding any difference such as an outstanding deposit or payment.
What are Electronic Accounting Working Papers?
Digital Electronic Working Papers are designed to do your heavy lifting when it comes to providing validation and checking of various report end-points.
After importing & classifying your client-side accounting reports, let LodgeiT help you do your reconciliations.
Collaborate with your team and assign multiple reviewers if necessary.
Note: To be able to modify workpapers the user must be assigned as an accountant or reviewer to the specified workpapers set. Then the uploading files will be available for the user.
Create working papers by year, financial quarter or month.
See at a glance, what parts of the working papers are yet to be reconciled or checked.
Navigate easily through hundreds of client-side accounts if necessary.
For computing appropriate report end-point values, LodgeiT is in a class of its own.
Integrated directly into the LodgeiT computational architecture are a multitude of useful calculators capable of providing facts that can be used to validate a range of financial statement balances.
Calculation Modules display directly in the Working Paper, minimising navigation requirements. Motor vehicle depreciation used as an example below.
Relationships between client side account line items are easily and seamlessly established through accounts classification and relationships management.
For financial statement facts that reconcile against some document, simply attach the document for rapid review.
Client & team communication directly from the Working Paper Module is coming soon!
On all data imports from Xero & QuickBooks Online get the detailed general ledger detail at the same time. (This feature will be extended to MYOB Accountright Live & MYOB Essentials in due course.)
Note: If ledger does not contain additional transactions that you have entered to your accounting software (ie Xero, QuickBooks, etc), you may refresh the page
have some limitations in regards to syncing a ledger. It updates only if a user clicks refresh financials from. Workapapers page. Also, it’s not recommended to refresh it too often, as we can reach 'QuickBooks Online' /XERO API call limits.
At LodgeiT, we are committed to automating your compliance work.
We are constantly innovating & improving our electronic Accounting Working Papers Module so be sure to sign-up and try out the tools or check back again soon to see our new features.
Note:
- LodgeiT doesn't import accounts having zero amount, i.e. all financials imported contains some value.
- It is better not to switch between importing financials from API to importing using LSU. Line items will always be treated as different. In order to avoid duplication, user must choose either using API or LSU. If user will sudden switch between API to LSU, workpapersof previous work might be lost as it will be refilled with line items from LSU files."