How to efficiently Review with SMSF Sorted

How to efficiently Review with SMSF Sorted

Introduction

In the dynamic world of SMSFs, staying organised and efficient is important. For reviewers using SMSF Sorted, a well-structured workflow can make all the difference in ensuring a thorough review of financial data and associated documentation. In this article, we'll dive into the SMSF Sorted Reviewer Workflow, providing a descriptive feature guide on how to efficiently navigate the platform for a comprehensive review.

Reviewer Workflow 

  1. The workflow kicks into high gear when the preparer changes the job status to Ready for Review.
change-status-ready-for-review
  1. A portal and an email notification is sent to the you informing that the fund is ready for review.

Job Dashboard

  1. Here, reviewers can access to the important details of the job.
job-dashboard-fund-details 
  1. The dashboard also provides insights into the number of observations in Warning, Good To Go, and Not Applicable categories. 

    Observations 
  2. Right after starting the review of the fund, it is advisable to take a glance on the observations reflected in the Warning section. This helps you to review the compliance part in the initial stage of the review.
observations
  1. A simple click redirects you to the relevant page, facilitating a seamless navigation experience.
  2. You can view the Comments, Queries and Review Points added by the preparer. For the review points, you can address them as per the next sort of action required for review points. 
  3. You can refer to the queries and review points by clicking on the relevant section.
queries-and-review-points


Statement Of Financial Position and Operating Statement

  1. Navigate to Financial Reports to access the Statement of Financial Position and Operating Statement. 
financial-position-and-operating-statement
  1. Here, reviewers can review the financial items with all the relavant information available on the same page.
  2. The page shows the current year closing balance, comparative balance of previous year, investment units held by the fund, supporting documents and Class reports related to the line items. 
statement-of-financial-position-columns
  1. Keep track of the review progress by marking items as done and filtering line items based on their completion status. 
prepared-by-and-reviewed-by-completion-status
  1. The ability to view attached documents, comments, observations queries, and review points adds depth to the review process. 
tagged-documents

  1. You can view the general ledger of a specific account by clicking on the line Item name. You can explore transaction details such as quantity, debits, credits, balance, date, description, and net balance. 
view-general-ledger
  1. The numbers of Debit and Credit transactions are reflected in the brackets in Debit and Credit headings.
debit-credit-transaction
  1. The View Full General Ledger option allows you can jump on the full general leger of the fund. 
view-full-general-ledger
  1. Switch to the Previous Year general ledger option to view the general ledger of that specific line item.
current-year-and-previous-year
  1. You can also search specific transactions with amount or description. The best part is that after search the number of Dr and Cr transaction are modified along with the net balance. This helps reviewer to review the frequency of certain transactions.
search-transactions

Review Completion Status Update

  1. If there are any changes required then reviewer can change the status of the fund to Pending Review Actions which then sends an email and portal notification to the preparer and manager to the preparer can update the accounts as per the suggestions of reviewer.
    change-status-pending-review-action
  2. If no changes are required in the fund then reviewer can mark the fund as Completed. On doing this, the Submit to Auditor button is enabled and the fund could be submitted for audit.

    Reviewing the post review changes made by preparer:
  3. When reviewer has suggested any changes in the accounts and the preparer has send the fund again for review, the reviewer is not required to review each financial item again; rather than he can rely on the delta feature of Sorted where the changes in the current data as compared to the previous version are highlighted with the N, U & D icons where N = Newly added items, U = Updated items and D = Deleted items.

    Financial Workpapers:
  4. Reviewers can also go to the workpapers section to review the additional details of the workpapers. Please refer to te guide on SMSF Sorted Financial Workpapers.

    Workpaper File: 
  5. Reviewers can also use the alternative review with Sorted Workpaper File. 

Conclusion

Efficiency, organization, and attention to detail are the hallmarks of a successful SMSF review. With the structured workflow provided by SMSF Sorted, reviewers can navigate the platform seamlessly, ensuring a comprehensive and accurate evaluation of financial data and associated documentation. By following these steps, reviewers can optimize their workflow, ultimately contributing to the overall success of the SMSF review process.

To learn more about the process , explore best practices, and make the most of our features, please visit our Knowledge Base. You can also check our FAQ section for answers to common questions, or contact our Support team if you need any assistance.

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