Cimplico Workpapers has introduced a new approach to managing the Chart of Accounts. This means a few extra steps with managing entities and workpapers, but it significantly improves integrations, automations and flexibility when handling accounts.
Key changes
Chart of Accounts are now managed separately at the entity level ⬇️
Accounts in a workpaper are called workpaper accounts, and will need to be mapped to the corresponding accounts in the entity's chart of accounts.
Why these changes?
✅ Fewer trial balance update errors - This new approach to managing accounts will reduce the number of errors when refreshing trial balances from external sources like Xero.
✅ Easier journal entries for CSV ledgers – Users with manual trial balances can now easily journal to any account in the chart of accounts, not just ones in the trial balance.
✅ Easier import process for CSV ledgers – Users with manual trial balances now only need to include the account code and the TY and LY figures in the trial balance upload process.
✅ More features and automations – This new feature allows for future improvements, automations and integrations. For example, inter-entity reconciliations and carry forward features! 👀
Watch this space! 🚀
Xero-Connected Ledgers
Existing entities and workpapers
Next time you're working on an existing workpaper, action the following:
Head to the Chart of Accounts tab for the entity
Sync the Chart of Accounts from Xero.
Open your workpaper and update your trial balance. In most instances, there will be nothing you need to do.
If you receive an error for unmapped accounts, this means that there are accounts in your workpaper that don't match the chart of accounts. Go to the settings, map these and select Confirm.
Creating a new workpaper
The process for creating workpapers will remain the same for Xero-connected entities. We'll automatically sync the Chart of Accounts and pull through your trial balance.
Manual Ledgers
Existing entities and workpapers
Next time you're working on an existing workpaper, action the following:
Head to the Chart of Accounts tab for the entity
Upload the Chart of Accounts for the entity via CSV.
Open your workpaper.
Map the entity accounts to your chart of accounts.
Select confirm once done.
CSV Requirements
Field | Description |
Code * | The account code. |
Name * | The account name. |
Description | Additional account description. |
Report Code * | The report code that links to your workpaper checklist. |
Type * | The account type (e.g., Other Income, Fixed Assets). This is typically more specific than the class below. |
Class * | The account classification. Must be one of the below:
|
New workpapers
When you create a new workpaper with a manual trial balance:
You'll be prompted to check your chart of accounts and update if necessary
Upload your trial balance, noting that you now only need to upload:
Account Code
Debit TY
Credit TY
Debit LY
Credit LY
