Sales Reconciliation workpaper (SRC)
How the SRC workpaper pulls data from GRC, AR and FIA, how GST basis changes its behaviour, and which fields require manual entry.
The Sales Reconciliation (SRC) workpaper reconciles sales reported to the GST Reconciliation against sales recorded in the General Ledger (GL). It consolidates data from several other workpapers to produce a comprehensive reconciliation of the entity's net income.
Data extraction
The primary sales data is auto-populated from the GST Reconciliation (GRC) workpaper. However, details for zero-rated items need to be entered manually.
Closing and Opening Accounts Receivable
The behaviour depends on the GST basis:
- Accrual basis: Both Closing and Opening Accounts Receivable will show as 0.00.
- Cash basis:
- Closing Accounts Receivable: Auto-picked from the Accounts Receivable (ACR) workpaper.
- Opening Accounts Receivable: Picked automatically from the prior-year balances in the Trial Balance for all account codes mapped under Accounts Receivable in Chart of Accounts (CoA) mapping.
Net Asset Sales per Ledger
Auto-picked from the total net proceeds from the disposal of fixed assets as per the Fixed Assets (FIA) workpaper.
Expense Reimbursement
Auto-picked from the current year GL. These represent credit transactions where the account type is classified as Expenses, Overhead, or Direct Costs with the GST Rate Name as "15% GST on Income".
Other Adjustments
Users are allowed to enter data manually if required.
Net Income per Ledger
Sum of all account codes mapped under Sales in CoA mapping.
Related workpapers
- GST Reconciliation (GRC): Primary source for this workpaper.
- Accounts Receivable (ACR): Provides Closing Accounts Receivable when GST basis is Cash.
- Fixed Assets (FIA): Provides Net Asset Sales per Ledger.
How to access
- Go to Jobs and open the relevant job.
- Click the Workpapers Icon or navigate to Results then Workpapers.
- SRC on the Workpapers Dashboard.