Purchase of Business or Property workpaper (POP)

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

Data extraction

●        Address and Date are read from the settlement statement.

●        Purchase price, GST inclusive items, and Purchase price, GST zero-rated or exempt items, are both read from the settlement statement; the zero-rated or exempt figure may be N/A depending on the transaction.

●        Deposit paid, Rates (debit and credit as they appear), Legal fees re purchase, and Loans advanced, are each read from the settlement or purchase statement, with legal fees summed where multiple line items apply.

●        Balance paid to settle is entered as a debit or credit figure depending on which side of the settlement it falls.

●        Other items appearing 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 entered as debit or credit as shown.

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

Supporting documents

●        Purchase Statement (lawyer or settlement statement).

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

●        Settlement statement (copy of the agreement).

Balance per GL

Balance of each account code mapped to Purchase 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 POP on the Workpapers Dashboard.