Sale of Business or Property workpaper (SOP)

The Sale of Business or Property (SOP) workpaper reconciles the sale of a business or property during the year. It is manual, built from the settlement statement and a valuation document.

Data extraction

●        Address and Date are read from the settlement statement.

●        Sale price, GST inclusive items is read from the settlement statement.

●        Commission paid, Rates (debit and credit as they appear), Legal fees re sale, and Disbursements re sale are each extracted from the settlement statement, with legal fees summed where multiple line items apply.

●        Loans repayment and Balance paid to settle (debit and credit) are extracted from the settlement statement.

●        Other items on the settlement that don't fit the standard fields are renamed to describe what they actually are (for example, "Other" becomes "Body Corporate") and summed from the relevant lines.

●        Details of valuer (valuer name and date), Land value as per valuation, and Capital value per valuation are extracted from the valuation report.

Supporting documents

●        Property valuation (for example, a QV report).

●        Settlement statement.

Balance per GL

Balance of account codes mapped to Sale Of Property in CoA Mapping.

How to access

●        Go to Jobs and open the relevant job.

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

●        Select SOP on the Workpapers Dashboard.