Accountancy workpaper (ACT)

The Accountancy (ACT) workpaper reconciles accountancy fees for the year. What source material the client provides changes how the workpaper is built: ledger and invoices together, ledger only, or invoices only.

Data extraction

●       Client provided both ledger and invoices: prepare the workpaper from the invoices, but attach the ledger alongside as supporting.

●       Client provided only an accountancy ledger (no invoices): description reads "As per Client Accountancy Ledger," and the amount is the sum of all invoices covered in the financial year, not the payments made.

●       Client provided only invoices: prepare the workpaper directly from the invoice values.

Where extracted from an invoice, pick the Invoice Description, Invoice Number (the number column stays hidden if every row is blank), and Invoice Value.

Long descriptions

If an invoice description runs to more than one line, check it against known recurring phrasing before shortening it, updating the year as it appears on the invoice:

●       Annual Xero subscription to 31 March YYYY

●       Financial statements for the year ended 31 March YYYY

●       YYYY Annual tax management fee

●       Preparing the Company's YYYY taxation return

●       Annual fee for the firm's nominated Trustee to be a professional trustee

If none of these match, leave the description cell blank and fill in the amount only, rather than guessing at a shortened description.

Manual journals

Any journal posted to an account code mapped to Accountancy in CoA Mapping appears in the workpaper as a new line item.

Balance per GL

Balance of account codes mapped to Accountancy 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 ACT on the Workpapers Dashboard.