Interest on Overdrawn Current Account workpaper (IOA)

The Interest on Overdrawn Current Account (IOA) workpaper calculates interest owed on a shareholder's overdrawn current account, drawing on the same account codes reconciled in the Current Accounts (CAC) workpaper. Current production behaviour is confirmed working and should be retained, with one specific change to how manual journals are categorised.

Manual journal treatment

Manual journal entries should not be shown in their own separate Debit and Credit cells. Instead, they should post to their original month-wise category, in line with what the transaction actually represents:

●       Debit entries reflect under Drawings.

●       Credit entries reflect under Capital Introduction.

This is the only change to the existing extraction logic; the rest of the current production behaviour is unchanged.

Note: Everything else in IOA stays exactly as it currently runs in production. This manual journal reallocation is the single, isolated change requested, it should not be treated as an invitation to revisit the rest of the calculation.

Data extraction

Figures are drawn from the CAC worksheet's shareholder account codes and the General Ledger, month by month:

●       Drawings and Capital Introduction columns: for each keyword-matched account code in CAC, sum current-year debit transactions and subtract current-year credit transactions (excluding Manual Journal source transactions) by month.

●       Other movement columns: for CAC account codes not already captured under Drawings or Capital Introduction, the remaining balances are consolidated into a single column by month.

●       Manual journal transactions are pulled separately and summed into their own debit and credit totals before being reallocated per the treatment above.

●       Interest rate columns are formula-driven from IRD's published rates, linked through pre-setup.

Multiple shareholders

Each shareholder's Current Account workpaper continues to be maintained separately in CAC. For the purpose of calculating Interest on Overdrawn Current Accounts specifically, the balances and transactions across shareholders are merged and presented as a single consolidated IOA schedule, month by month.

Supporting

Transactions for all account codes used to complete the workpaper are extracted from the General Ledger and attached as supporting.

Related workpapers

●       Current Accounts (CAC): source of the shareholder account codes and monthly movement used in this workpaper.

How to access

●       Go to Jobs and open the relevant job.

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

●       Select IOA on the Workpapers Dashboard.