Year-end account working papers are summary documents of information found in management reports and financial statements. Accountants and auditors use them to prepare financial statements and ascertain the final position of a company.
They are an essential part of accounting practice, but their preparation has got them a bad name as, traditionally, they were prepared manually, which was time-consuming.
But that was the past. We no longer see physical printouts organised in binders. The good news is that the working papers process can now be managed quickly and efficiently digitally in the cloud without needing paper.
It is time that you transform how your practice approaches year-end accounting papers.
The working papers file usually includes all control accounts and reconciliations of all balance sheet items. It also includes expense analysis schedules.
Below is the list of working papers that every accountant uses:
- The latest trial balance exported from any bookkeeping software and the final trial balance after the year adjustment journals.
- Year adjustment journal tab – This usually consists of journal entries that are not part of regular bookkeeping (i.e., Depn, YE accruals, revaluation, dividend, CT, etc.).
- Fixed Assets Register – Includes historic assets with their accumulated depreciation along with the additions and disposals during the year, if any.
- Stock details, if any.
- Debtors and creditors control accounts and ageing with supplier and customer transaction analysis.
- All bank reconciliations
- All loan HP and mortgage reconciliations with their closing statements.
- Payroll summary with detailed reconciliation with P&L and HMRC liability.
- Directors control account – with drawings and capital injection details, if any.
- VAT liability reconciliation with the submitted VAT return.
There is also an option of customising the working papers schedule according to client requirements or the nature of the business.
Key features of Outbooks Working Paper Management
- A simple and streamlined process to avoid making multiple requests to the client for the same information.
- Quality year-end accounts with quick turn-around time and working papers in the style of your choice.
- UK specialist team that becomes your support