Current Accounts workpaper (CAC)

The Current Accounts (CAC) workpaper reconciles each shareholder's current account balance separately, tracking movements during the year and the closing position. When a shareholder is in a debit position at year end, this workpaper is also the trigger for the Interest on Overdrawn Current Account (IOA) workpaper.

Re-mapping accounts (first step)

Before using the workpaper, remap all accounts under Shareholder Current Account to Shareholder 1, Shareholder 2, and so on, depending on the job:

1. Click the Edit button.
2. Map the accounts under the Chart of Accounts (CoA) Mapping column.
3. Save the changes.

Section structure

After re-mapping the accounts and saving changes, separate sections for each shareholder are populated in the workpaper. For example, if all codes have been re-mapped between Shareholder 1 and Shareholder 2, the workpaper will display two shareholder accounts.

Data extraction

• Opening Balance: Closing balance from the previous year's Trial Balance for all account codes mapped to the respective shareholders.
• Increase Section: If the net movement of any account code mapped to the respective shareholder is a credit, it will be shown under the Increase section.
• Decrease Section: If the net movement of any account code mapped to the respective shareholder is a debit, it will be shown under the Decrease section.

Manual journals

Any journal posted to an account code mapped to a respective shareholder (based on the remapping) will automatically appear as a new line item in that shareholder's workpaper section.

Balance per General Ledger (GL)

Sum of mapped accounts for the shareholder account.

Debit balances: enabling Interest on Overdrawn

If a shareholder has a debit balance at year end, Inland Revenue requires deemed interest to be calculated on that overdrawn amount. To enable the Interest on Overdrawn Current Account (IOA) workpaper:

1. Click Edit on the Current Accounts workpaper.
2. Tick the relevant check box for that shareholder.
3. Save the changes. The IOA workpaper is now active for that shareholder.

Related workpapers

• Interest on Overdrawn Current Account (IOA): Enabled from this workpaper when a shareholder has a debit balance. The IOA opening balance is picked from here.

How to access

1. Go to Jobs and open the relevant job.
2. Click the Workpapers Icon or navigate to Results then Workpapers.
3. Select CAC on the Workpapers Dashboard.
4. Click Edit and complete the account remapping before entering data.