Cimplico Workpapers simplifies and organises the preparation of individual tax returns by leveraging its specialised features.
Summary of Best Practice
Ensure individuals are correctly set up in Cimplico Workpapers.
Create a tailored procedure template to standardise the process.
Use “Other Schedules” to organise worksheets with relevant Calculations.
Maintain clear labelling for files and collaborate using comments and queries.
How to Apply It
Ensure the individual is set up correctly
Confirm the individual is correctly set up in Cimplico Workpapers.
Create the workpaper under their profile.
Write a procedure list for individual tax returns
Develop a procedure template for completing individual tax returns, that can be included firm-wide.
Use “Other Schedules” to organise worksheets
Create worksheets under “Other Schedules” for key aspects of the tax return, and include appropriate Calculations or supporting schedules such as:
Taxable Income Summary (e.g., total income, deductions, net taxable income).
Business Income Statement for sole traders.
Managed Fund Distributions for investment income.
Rental Property Schedules to document property-related income and expenses.
Collaborate with internal comments and client queries
Use client queries to document questions for the client (e.g., missing information, clarification on deductions).
Add internal comments for team collaboration, ensuring that all notes are recorded directly in the workpaper for transparency.
Final review and certification
Perform a final review of the workpaper.
Complete the certification process