Entries in a default worksheet are designed to be flexible, allowing you to document and verify an account balance based on the nature of the account itself. Some accounts may require detailed breakdowns, while others may only need a high-level confirmation that the balance aligns with supporting documentation.
No matter the approach:
Quick entries can help by automatically reconciling a worksheet by adding an entry for the unreconciled amount.
Quick descriptions can help by speeding up data entry with commonly used descriptions like “Per Attached” or “Balance Brought Forward”.
Examples of how entries can be used
Repairs & Maintenance
A separate entry is created for each individual transaction, with invoices attached. As repairs and maintenance can be a high audit area, this provides a clear breakdown of all transactions and ensures that every transaction has an accompanying description and file.
Bank Account
A single line item may be used to confirm that the ledger balance matches both the bank reconciliation and bank statement, with references to supporting documents. No further breakdown is required in this example.
Accumulated Depreciation
An entry labelled Balance Brought Forward helps separate the opening balance from this year’s movement, making it clear how the total balance has changed this year.
Sundry Income
When summarising an account, an entry may be included for each type of transaction, with a small rounding adjustment added if needed to reconcile to the total balance.
PAYG Withholding Payable
For payable accounts, you can use entries to breakdown exactly what a liability is made up of and any variances in the account.
