SMSF Sorted Workpapers

SMSF Sorted Workpapers

Introduction

With the release of SMSF Sorted 2.5, Cloudoffis has introduced workpapers to support the preparation of the Financial Statements. This article will outline how to access this feature, and what workpapers are available.

What are the workpapers available in SMSF Sorted and how do I access them?

What is available

Currently, workpapers are available for the following:
  1. Property & rental schedule
  2. GST Reconciliation
  3. Tax Reconciliation
  4. LRBA
  5. Unlisted & In-house Assets
  6. Contributions
  7. Pensions
  8. TBAR
These may be expanded in future releases based on client feedback.

How do I access the workpapers?

A small Workpapers icon appearing on relevant line items on either the Operating Statement or Statement of Financial Position.
For jobs created prior to the release of workpapers, the Lead Schedule will need to be reimported to activate workpapers by refreshing the data from your administration software.





Click on  icon to open the Financial Workpaper screen. If you are opening workpapers for the fund for the first time, the following screen will appear:



Click the Generate Workpapers button to create the new workpapers.


After a brief moment, the workpapers will generate and appear.

The system will then generate workpapers similar to the one  shown below:



What information is pre-populated, and what additional details can I add?

Certain information is pre-populated into the workpapers from source data in your administration software. Using the example of the Property workpaper, details such as adjusted cost, property address, income & expenses and purchase date will be imported. Additionally, the workpaper can be edited to enter details such as LRBA details, and extra line items can also be added.



The system will automatically save any changes after a few seconds, or alternatively, once you have finished editing, click the icon to save.

Any changes will be autosaved when you exit the edited field or move to another screen in SMSF Sorted


Supporting documents comments can be added to the workpaper in a similar way to adding details on the Financial Statements when reviewing.




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