There are 3 main steps to completing a worksheet:
Reconciling the worksheet
Resolving checklist items
Resolving internal comments/client queries
This and the next lesson will focus on completing the first step: Reconciling a worksheet.
To begin, head to a worksheet and ensure you are on the Entries tab.
Why reconciling?
In Workpapers, to reconcile a worksheet you add entries, with each entry having a debit/credit amount, that when summed should reconcile with the account's current amount. The remaining unreconciled amount can be seen in the header on the right-hand ride. The amounts entered on an entry should be accompanied by one or more files as part of the evidencing process. Let's create a new entry!
Creating an entry
Click the New Entry button to create a new entry. A row will appear in the entries table with the following:
Date: The date defaults to the workpapers period end date, but this can be changed to match the date of the attached file(s).
Reference: Auto-assigned reference number. This will become useful when referring to specific entries in internal comments.
Description: A short description of the entry to provide context.
Files: One or more file attachments that evidence the entry amount.
Amount: A debit/credit figure that contributes to the current amount.
Only date and amount are required to create an entry. Files can be added at any time. The process of adding files to a worksheet is covered in the next lesson.
Selecting an entry/entries via the checkbox, allows you to edit or delete an entry/entries.
Quick entry
The quick entry button is a shortcut to create a new entry with the amount pre-filled to the unreconciled amount. When you click the quick entry button, a new row will appear with the amount pre-filled, allowing you to add a description and files, and update the date if required.
Draft journal reconciliation
As a preparer, you can draft journals to be reviewed by a Reviewer or Approver before being posted to the connected ledger file to adjust the current amount. When the journals are in the draft stage, the reconciliation of the account is done against the sum of draft journals for the account + the current ledger amount, we call this value the workpaper amount.
At the top of the page, you can see the workpaper amount (under "Current amount"), with the ledger amount and summed draft journals amount underneath. On the right-hand side of the screen under Unreconciled Amount, we can see the amount remaining between the sum of the entries and the workpaper amount. For the worksheet to reconcile, we must get the unreconciled amount to 0.
When a Reviewer or Approver posts the journal(s), the worksheet will return to the standard view of having one current amount. This means the workpaper amount aligns with the ledger amount and there are no draft journals.