V5 Accounting Fee Reconciliation

This workpaper reconciles the accounting fees in your system with the client’s general ledger

Suggested supporting documents

The firm’s debtor transactions in respect of the client

• firm issued invoices
• details of disbursements on charged to the client

Reconciliation

The account balance as per the general ledger should populate based on the account code entered on B1 in cell V5.

1. From the firm’s practice management system obtain details of the client’s debtor balance and enter the GST inclusive amount in cell D12.
2. In the firm’s practice management system review details of invoices issued for the client and enter the GST inclusive sum of fees invoiced after our firm’s balance date but before the client’s balance date in cell D13.
3. In the firm’s practice management system review details of invoices issued for the client and enter GST inclusive sum of fees invoiced before our firm’s balance date but after the client’s balance date in cell D14.

Other adjustments

Record other disbursements and expenses on charged to the client in the other adjustments to be made table. Ensure items are included on a GST exclusive basis where the client is GST registered.

Create journal

Where there is a variance between the workpaper and the general ledger, a journal will be required:

1. Review the general ledger to determine which transactions have not been included.
2. Navigate to the appropriate journal sheet and prepare journal.

See Create a journal automatically or Create a journal manually for further assistance.