Add a Workpaper to an Account

Modified on Thu, 29 Feb 2024 at 11:23 AM

You can add workpapers to the accounts in order to adjust the income tax calculation.

The system applies the adjustment automatically throughout the calculation and the data in the Summary panel on the right of the screen updates instantly. When you open the Tax Position > Statement of Taxable Income, you will see the adjustments.

The types of workpaper available depend on the type of entity and the type of account (balance sheet or income statement). You also have the option to add a workpaper to an entity, without linking it to a specific account.

When you are making an adjustment on a workpaper, rather than enter a physical amount in a worksheet, you can enter a percentage or formula, for example “=50%”. The system applies the percentage or formula to the balance amount and calculates the adjustment amount for you. This is useful for future purposes. If you update the trial balance, the system retains your formula and applies it to the new balance amount. When you use a formula in a workpaper, the Formula icon (x squared) on the Trial Balance page turns blue, so other users will be aware of it.

Even though each workpaper is different, the general functionality is the same. The following instructions outline how to add a workpaper to an account in general. See separate articles for instructions on how to add specific workpapers.

  1. On the Trial balance page, locate the account you want to add a workpaper to.
  2. Click Add Workpaper, then click the workpaper you want to add.

  3. Click the new workpaper link to open the workpaper.

  4. Make the adjustment on the workpaper.
  5. Optional: Edit the default tax narration:
    • This narration displays in the Statement of Taxable Income. Click in the narration box > edit the narration > click out of the box.
  6. Optional: Change the default tax form disclosure.
  7. Optional: Add a note, file or query.

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