Borrowing Costs workpaper (BCN)

The Borrowing Costs (BCN) workpaper tracks the costs of establishing each loan (bank fees, legals, stamp duty, and other charges) and their amortisation over the life of the loan. Each loan gets its own column.

Data extraction, existing loans

For a loan already on the books, Bank Fees, Legals, Stamp Duty, Others, Date incurred, Life of loan or 5 years (whichever is lesser), and Year end date of first deductible year are all carried forward unchanged from last year's Borrowing Costs workpaper for that same loan.

Data extraction, new loans

●        Bank Fees: from the finance invoice, matched against keywords Fees financed, Establishment fees, Settlement Fees, PSPR Fees, or Registration Fees.

●        Legals, Stamp Duty, and Others (Dealer Organisation Fees, Dealer Facilitation Fees): each picked directly from the invoice.

●        Date incurred: from the invoice, matched against Start of loan, Date of agreement, Contract start date, Invoice Date, Payment date, Disclosure date, Application Date, or Signed Date, whichever is present.

●        Life of loan or 5 years (lesser of): from the invoice's Loan Term or Number of repayments. If the invoice states the term in months, it's converted to years (60 months becomes 5 years). Where the actual term exceeds 5 years, 5 is used as the cap, matching the standard borrowing cost amortisation period.

●        Year end date of first deductible year: entered per the job's own year-end setup rather than read from the invoice.

Balance per GL

●        Borrowing Cost expense / Amortisation (P&L): closing balance of the account matching "Borrowing Cost expense" or "Amortisation" (account type Expense).

●        Borrowing Cost (Balance Sheet): closing balance of the account matching "Borrowing Cost" (account type Current or Non-Current Assets).

How to access

●        Go to Jobs and open the relevant job.

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

●        Select BCN on the Workpapers Dashboard.