Current Accounts workpaper (CAC)

The Current Accounts (CAC) workpaper reconciles each shareholder's current account balance, tracking the opening balance plus increases and decreases during the year. Where a client has multiple shareholders, a separate CAC section is completed for each.

Data extraction

●       Opening balance is the net amount under last year's column of the Trial Balance for all account codes mapped to the respective shareholder. The sign shown in the Trial Balance is carried through as is: a negative net amount stays negative, a positive net amount stays positive.

Note: This sign treatment was specifically corrected during the guideline review, an earlier version of the same instruction had the signs flipped (positive shown as negative and vice versa). If anything in the workpaper still reflects the old flipped convention, it needs correcting.

●       Increase and Decrease sections are built by taking each shareholder account code in turn and finding its Net Movement in the General Ledger. If the net movement sits under Credit, the amount and account name go under Increase. If it sits under Debit, they go under Decrease. If net movement is zero, no entry is needed.

●       The workpaper is kept flexible so rows can be added under Increase or Decrease as required.

Multiple shareholders

Where a client has more than one Current Account, a separate section is completed within the CAC worksheet for every shareholder, following the same process above for each.

Supporting

Transactions for all account codes used to complete the workpaper are extracted from the General Ledger and attached as a single supporting document covering every relevant account code.

Balance per GL

Balance of account codes mapped to each shareholder's Current Account in CoA Mapping.

Related workpapers

●       Interest on Overdrawn Current Account (IOA): draws on CAC's monthly movement to calculate interest on overdrawn balances.

How to access

●       Go to Jobs and open the relevant job.

●       Click the Workpapers icon or navigate to Job Results then Workpapers.

●       Select CAC on the Workpapers Dashboard.