Overview
Workpapers have been designed to make your year-end compliance efficient, speeding up the time to get the fund to audit. Workpapers allows you to store documents and record all evidence obtained during the preparation of the financial statements whilst ensuring the SMSF complies with all relevant laws during the Financial Year.
To view our Webinar on Workpapers, click here
Instructions
| From the Main Toolbar, go to Home. | |
| Navigate to Fund Workflow | |
| Select a fund | |
| from the Main Menu select Reports | |
| Select Workpapers | |
Note: The following Workpapers - View and Edit permission has been added to User Roles. This will be automatically enabled for 'Admin' and 'Employee' User Roles by default. For all others, this will need to be manually enabled in Role Settings under Admin.
Generating Workpaper Pack for a Financial Year
To Create a new Workpaper Pack, click on and a Generate New Workpaper Pack window will appear. This window will create a new workpaper pack that will default to the current Financial Year. Users can select a Start date and Due date, as well as who the Preparer and Reviewer are. Once completed, click on Generate.
Documents attached to Transactions, the Property Dashboard and the Distribution Tax Automation screen will be imported into the Workpapers when generated. Any reports attached to a schedule will also be generated.
You can generate Workpapers for a future Financial Year (e.g. 2021 even if the previous Financial Year has not bee finalised.)
Note: Workpapers History
To review when workpapers have last been created or refreshed, hover over "Workpapers Last Refreshed" in the top-right hand corner of the screen:
Lead Schedule: A summary of Workpapers
The Lead Schedule page below will then appear, with a Workpaper for each account which has a balance in either this Financial Year or the previous Financial Year.
The system will default the Workpaper to the same financial period the fund is in, where the Workpaper for the period exists. Users can select a different period from the drop-down.
Simple Fund 360 will read the Trial Balance for the fund which creates the Lead Schedule based on our Working Paper Templates. Some data may be carried forward from the previous Financial Year, for example, permanent documents.
The Lead Schedule now features an overall status for the Financial Year, located at the top of the screen. The statuses that will display are Not Started, In Progress, Ready for Review and Completed.
The Lead Schedule can be filtered based on the status of the Workpaper. An overall status will be displayed. The statuses are Not Started, In Progress, Ready for Review and Completed. Users can go to workpapers in a specific status by selecting the status.
Note: the Paper Clip Icon will show the number of documents that have been attached and the Conversation Icon will turn blue once notes have been added.
The Bulk Update button allows users to select multiple Workpapers on a Lead Schedule and bulk change the status, preparer and reviewer. In order to activate the Bulk Update option, tick the box in the front.
To Refresh Workpapers, click
Refresh Workpapers will update any accounts where the balances have been changed. No documents or checklists will be modified. After the refresh, any updated accounts will be highlighted and if the Workpaper Status for the updated was Completed or Ready for Review, the status will revert back to Rework Required. Simple Fund 360 Reports for the updated workpapers will be generated again.
You can Refresh Workpapers multiple times per year allowing you to add to Workpapers for the current Financial Year at any time and not just at year-end.
The following reports will be regenerated every time you refresh the workpapers regardless of whether the balance changes or not.
- Distribution Reconciliation Report
- Contribution Breakdown Report
- Fund Summary
- Interest Reconciliation Report
Changes in Units for Investments will now be highlighted to know which Investments you may want supporting evidence for. Green for increase. Red for decrease.
Users can create a printable report of Workpapers by clicking Export Workpapers.
Workpapers, source documents and reports can be exported with the following options by selecting the down arrow beside Export Wokpapers:
- Export Workpapers - Downloads Workpapers and all source documents as a Single PDF
- Export Notes - Downloads just the notes as a consolidated list and have them sorted by notes for the attention of Partner, notes for the attention of Manager and review notes.
- Export Schedules Only- Downloads Workpaper templates as a single PDF. No Source documents or reports are exported.
- Export Documents Only - Downloads only source documents and reports as a zip file.
- Export Selected - will export selected workpapers only. For example, you export Income Accounts only or all accounts except for Permanent Documents.
When Workpapers are exported, a print date will also display on the cover page.
You are able to send an email to the preparer or reviewer letting them know that the fund is ready for the next process of the review. The following email notifications can be sent:
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Preparer |
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Reviewer |
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Auditor |
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Event History |
This log keeps track of all notifications sent to Preparers, Reviewers, and Auditors, providing a clear record of when notifications were sent and to whom. |
Notifications (Auditor)
- Email: You are able to send a notification to the fund’s auditor that the fund is ready for audit. Any auditor's which have access to the fund will be displayed. The auditor selected will receive an email.
- One-click Audit: You are able to send a notification to the fund’s auditor that the fund is ready for audit. For this to take place the auditor must use an Audit Application which has been set up to receive these messages via our API.
Workpaper for Individual Accounts
Each Workpaper will display an individual status. This can be edited once the individual Workpaper has been opened. To access Workpaper details, click anywhere on the relevant account. At the top of the screen, you will have the option to update the Preparer, the Reviewer and the Workpaper Status.
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Element
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Description
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|---|---|
| Preparer | The preparer selected when creating the Workpaper pack will be displayed here. The person assigned can be updated at any time. |
| Reviewer | The reviewer selected when creating the Workpaper pack will be displayed here. The person assigned can be updated at any time. |
| Workpaper Status |
The status of the Working Papers is displayed and can be updated. The preparer and reviewer can update the Status after they have completed their tasks. |
The Workpaper Status can be updated from the drop-down options.
View the sections below, which apply to all individual accounts. The navigation buttons on the top right allow users to move between individual Workpapers or return to the Workpaper Lead Schedule by clicking on the Home Icon.
Documents can be uploaded directly to the Working paper by selecting Attach Document (the Green button). They can also be attached to a sub-account by clicking on the paper clip icon at the end of each row. These documents can be reordered by dragging the document by the three grey bars to the left of the name of the document
Supporting Documents will display reports relevant to the account. These reports can be removed by selecting the trashcan icon. Alternatively, edit these reports at a global level from the Workpaper Settings screen (see below).
Documents attached to the work paper will also be found here. The three grey bars allow for the supporting documents to be reordered by dragging them.
All PDF documents can be previewed on screen without having to download the document. Click on an individual file, then the document will open without leaving the current page. Users also have the option to remove the document by clicking on the Red Bin Icon or download the document by clicking on the Green Cloud Icon at the top right of the screen.
The Warning / Observation function uses the data with SF360 to inform the user of any potential irregularities for further review. The Lead Schedule has a filter to view the accounts with irregularities. The Warnings/Observation will be updated once ‘Refresh Workpapers’ has been performed.
The following is a list of Warnings and Observations.
| Workpaper | Warning/Observation |
| All Accounts excluding Excludes 24700, 84000, 85000, 89000 | Checks if Balance is less than 0 |
| 23800 - Trust Distributions | Confirm if any accounts have not been reviewed on Trust Distribution Automation screen. |
| 23900 - Dividends | Check if the dividends recorded reconcile with the Investment Income Comparison Report. |
| 24200 - Contributions |
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| 41600 - Pension Payments | Check if any Pension Accounts have not have met minimum pension requirements. |
| 60400 - Bank Accounts | Check if the balance in Simple Fund 360 matches that of a Data Feed. |
| 70000-79999 - Investments |
Warning if an Investment doesn't have a current market price; Warning if there is an outstanding corporate action unprocessed. |
| 9000 - 9999 Suspense Accounts | Check if any accounts in the current financial year have a balance not equal to zero. |
Users also have the flexibility to tick items in the Standard Checklist or add their own in the Additional Checklist. These items can also be marked as N/A if the Checklist item is not required for a specific fund
| Element | Description |
| Standard Checklist | A list of suggested tasks to complete for the review process will be displayed here. The standard checklist can be edited via Workpaper settings (see below) |
| Additional Checklist | Additional Review items to be added. |
Each workpaper also contains a Notes section which can be used by both the Preparer and Reviewer to enter comments, review points, internal queries, matters for attention, etc. The Lead Schedule will also highlight Workpapers that have notes attached. Users may also enter a Note Type and have an option to select a sub-account to which the note relates to. This allows you to identify Notes for example which the Auditor/Partner/Manager may need to discuss with the client.
The options for the note type are:
- Note
- Client Query
- Internal Query
- Rework Required
- Review Point
- Matter for Attention - Auditor
- Matter for Attention - Manager
- Matter for Attention - Partner
Users can also reply to notes which will display in a thread view and mark as completed
Notes can be viewed and replied to from within the Lead Schedule, speeding up the review process.
This will open a pop-up, where the URL and a Title can be entered. Once this has been completed, click attach.
The URL will be attached, and there will be three options to be selected, the first is to copy the URL, the second action is to edit the URL, and the third is to delete the URL.
Then click on the transactions tab in the drop-down. This will display all the transactions posted in the current period to the account selected.
Workpaper Settings
Settings allow users to customise reports and checklist items for workpapers of each account at the firm level. In order to access this feature, ensure the option below has been toggled on in User role settings.
1. Select Settings on the top right of the Workpaper page.
2. Use the search bar on the left to select an account.
3. Select a report to add from the drop-down list in the Reports section or type in the Checklist Items field and click on Add.
4. To add and remove any items from Reports or Checklist, hover the cursor to the red Remove Icon to activate the button and click to delete. To add click the green Add button.
5. Select Save Changes on the top right of the page to finalise.
Note: Users need to refresh workpapers to have changes applied.
Read-Only User Role
A new User Role permission has been added for those users such as auditors you would like to provide a reads only
A user with this role will be able to:
- View workpapers and documents
- Access Workpapers API
- Export workpapers
- Attach documents
- Attach URL
- Send Notifications
- View notes with the Note Type set as Matter for Attention - Auditor
The User with this role cannot do the following:
- Generate Workpapers
- Refresh Workpapers
- Bulk Update
- Change: Preparer, Reviewer, or Status
- Generate reports
- Add and view Comments
- Lock and unlock Workpapers
- Generate, refresh, delete and include Income Tax Reconciliation
- Delete Document and URL
Confirmed Balance
The Table has been updated for the 60400 and 60800 workpapers to include a Confirmed Balance and Balance Source column. The Balance Source will be one of the following three sources:
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SMART_DOCS:
This will appear when the user has attached a Bank statement, either via the paperclip icon or the (+)Attach Document button in the Supporting Documents field. The Smart Docs function in Simple Fund 360 has read the balance from the bank statement and uploaded the balance into the Confirmed Balance field. This balance cannot be updated manually.
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CONNECTED_SERVICE:
This will appear when the balance has been obtained via a Data Feed in Simple Fund 360. The figure in the Confirmed Balance field will feed from the Balance Review screen, which displays third party balances received from Registry Data Services , Bank Data Services & Wrap Data Services. This balance cannot be updated manually.
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Manual - [User added source]:
This will appear when the user has manually added a Confirmed Balance from within the Workpapers screen. This can be set up by selecting Add within the Confirmed Balance field. What the user enters in response to the question 'What is the source of the Balance' is what will appear in the Balance Source field. This balance can be edited and deleted.
If there is a variance between the confirmed balance and the Ledger Balance a warning will be displayed.
Lock Workpapers
Admin Users or Account Owners can choose to lock the workpapers screen from further edits once all the individual accounts have either been completed or the accounts are n/a-applicable. However, users can still view and send notifications for locked workpapers.
Once locked, users will not be able to:
- Attach Documents or Files
- Regenerate Reports
- Refresh Workpapers
- Bulk Update
- Delete Documents
- Export Documents
- Post Notes
- Edit Checklist items
To unlock the workpapers, contact your fund administrator.
Frequently Asked Questions
If the Investment / Asset value has not been updated to Market Value on Workpapers, please reverse and create entries till year-end and then refresh Workpapers.