Users can also link their Excel analytical workpapers and Word financial statements and footnotes to the trial balance. When a journal entry is posted, the amount will flow through to all related workpapers and reports. When the binder is rolled forward and a new trial balance is imported, all of the workpapers and financial statements will contain the current year's data and will be ready for review. They can add sub-codes to automate the preparation of book to tax reconciliations, M1 workpapers, tax provisions, and apportionment workpapers. In subsequent years when the binder rolls forward and a new trial balance is imported, all of the workpapers will automatically be prepared and the trial balance will be ready to export into the tax package.
Accountants are up and running the day they install the software.
There are three essential functions that make this possible. First, users are immediately comfortable with the standard Windows Explorer style interface for the electronic file room and binders. Second, CPAs already know how to use Microsoft's Word and Excel programs for all of their workpapers, leadsheets, and reports. This timesaving translates into greater profits for both audit and tax engagements. All rights reserved.