Trial Balance (Workpapers) tab

The name of this tab depends on whether you’re licensed for Workpapers. If you are licensed for Workpapers, it is the Workpapers tab. Otherwise, it is the Trial Balance tab.

Workpapers is integrated with the software’s general ledger solutions (AccountRight suite) and with Document Manager.

Workpapers enables you to create and maintain electronic workpapers for your clients. The Trial Balance (or Workpapers) tab displays the financial periods created for the selected client and the properties of each period. A list of the To Do items associated with each workpaper period are also displayed.

If you do not have a Workpapers licence, you can still access the following features from the Tasks bar or by right-clicking on an account:

• Workpapers homepage (Add period, Open period, Delete period, Define GST accounts)
• Prepare Workpapers subsection in Tasks bar (Import client’s balances)
• Journals subsection in Tasks bar (all features)
• Accounts subsection in Tasks bar (all features)
• Finalise Workpapers subsection in Tasks bar (Create PDF - for a completed period).

The main features of Trial Balance (Workpapers)

• General Ledger integration — Client Accounting is tightly integrated to the AccountRight general ledger products.

• Historical workpapers files — completed workpaper files are kept on the system for historical purposes. Workpapers from the previous year are easily accessed. The status of each workpaper file for a client can be quickly viewed.

• Document Manager integration — the system is integrated with the Document Manager application. Documents from Document Manager can be linked to accounts in the workpaper period. A PDF report on the workpapers period can be produced which can then be imported into Document Manager.

• Approvals — enables progress tracking of completing, reviewing and approving workpapers.

• Security — workpapers are a historical record, in electronic format, of the financial results for a client for a period. Security prevents an unauthorised user from approving workpapers. Approved workpapers cannot be edited. Calculation fields in a workpaper cannot be edited. This ensures accuracy of data. An audit trail keeps track of all the changes in status and any amendments to a workpaper.

• Rollover — when creating a new period there is the option of rolling over from the previous period. The rollover process attaches new workpapers to the accounts in the new period using the previous period as a guide. Documents with the Rollover option selected are re-linked to the same accounts in the new period.

• To Do items — enables tracking and management of the current workpapers tasks.

• Templates — a standard list of workpaper templates have been provided with Client Accounting.

• Printing — reports and workpapers associated with the workpapers period can be printed.

• Processing Journals — as workpapers are prepared, adjustment journals can be created. These journals can be posted to the client’s general ledger on completion of the workpapers. This means you can work on the journals and finalise the work before committing the transactions.

• Accounts — As part of the workpaper process there is often a need to create a new account in the underlying ledger. In Client Accounting you can create accounts which will be posted to the general ledger on completion of the workpapers.

• Client configuration — Configure the client’s general ledger details.

• Launching a ledger — Launch the general ledger application enabling changes to be made to the client’s general ledger whilst accessing their information in Client Accounting.

• Adjustments — Adjustments can be made to prior year balances that are stored within a configured AccountRight general ledger. The Modify Prior Year Balance feature does not update the AccountRight file with these adjustments. The modified balances are stored separately and used by MYOB Client Accounting only.

  

  Adjustments can only be made if an AccountRight general ledger is configured as the source of financial data for a client.

• Opening Review — A comparison can be made of the account balances from the current general ledger product with the corresponding account balances in the client's AccountRight file. Where there are differences between the two, the Opening Review feature posts journals to the AccountRight ledger in order to align it with the general ledger product.

  

  The Opening Review feature is only available if an AccountRight general ledger is configured as the source of financial data for a client.