Audit Ready: Audit Reports & Processes

Audit Ready: Audit Reports & Processes

IMPORTANT NOTICE
Each company has different requirements for the reports they need to download. The reports discussed below are the most commonly downloaded, but you may need others. Feel free to contact us if you have additional requirements. These reports can be exported to Excel or CSV file formats.

Report Download Tips: Some reports are large and require a fast internet connection. If you encounter issues, try using smaller date ranges and downloading in batches. You can also contact us for assistance.
Confirm with your accountant or auditor which reports are necessary.

Before Generating Reports:
1. Banking Up to Date and Reconciled for All Banks:
Ensure all cashbooks are reconciled with your bank accounts up to your year-end date (e.g., 28 Feb 2022). Resolve any issues before proceeding.

2. Year End for Previous Year:
Confirm that the Year End for the previous financial year is completed. Check the Year End Report or the General Ledger for the file RIN001. If not done, complete it for the previous financial year (e.g., 28 Feb 2023). (See AUDIT READY: PROCESS THE CHANGE OF YEAR END: WEB)

3. Process the Trust Business Function: (If required)
Process the TRB for the last day of the financial year (e.g., 29 Feb 2024) on the actual day. If missed, run it as soon as possible.

4. Reports for Audit:
Your auditor may require several reports. Below is a guideline, but additional reports may be needed. See the report list and their locations below.

5. Change of Year End: 
After audits are complete and all is in order, process the change of year end. This will save time and prepare you for the next year's audit.  (See AUDIT READY: PROCESS THE CHANGE OF YEAR END: WEB)

LIST OF REPORTS
Balances Reports:


  1. Trial Balance: Navigate to Accounting > Balances > Trial Balances > Trial Balance. Export the Income Statement and Balance Sheet (scroll down for additional reports). Use the end date requested by auditors.
  2. Trust Trial Balance: Navigate to Accounting > Balances > Trial Balances > Trust Trial Balance. Use the end date requested by auditors. Repeat for the Deposit Trial Balance if required.
  3. Consolidated Ledger: Navigate to Accounting > Balances > Consolidated Ledgers > Consolidated Trust Ledger. Use the date range requested by auditors. Ensure it's set to ALL Files and ALL status. Export the report. Repeat for the Consolidated Business and Consolidated Deposit ledgers if required.
  4. Year End Report (if required): Navigate to Accounting > Balances > Year End > Year End Report. Use the previous year's end date (e.g., 1 March 2023). Export the report.
  5. Specific General Ledger Reports (if required:) Navigate to Accounting > Balances >General Ledger> Select General Ledger or Deposit Ledger. Select the Ledger file. Use the date range requested by auditors. Export the report.

Banking Reports:


  1. Cashbook & Bank Recon: Navigate to Accounting > Banking > Processed Transactions. Use the date range requested by auditors. Export the report for all bank accounts.
  2. Investment Ledger (if required): Navigate to Accounting > Banking > Investment Accounts > All Investment Balances. Use the end date requested by auditors. Export the report.
Journal Reports:



Navigate to Accounting > Journals > Trust Journal. Use the date range requested by auditors. Export the report. Repeat for Deposit Journals and Business Journals (if required).

Fee Reports: (if required)



Navigate to Accounting > Fees > Fee Reversal/Reports. Use the date range requested by auditors. Export the report.

T-B Transfer Reports: (if required)


Navigate to Accounting > TB Transfers > TB Report. Use the date range requested by auditors. Export the report.
  1. Specific TRB001 control Ledger Report (if required:) Navigate to Accounting > Balances >General Ledger> Select General Ledger. Select the TRB001 file. Use the date range requested by auditors. Export the report.
Tax Report: (if required)



Navigate to Accounting > Company Reports > Company Analytics > Tax Report. Use the date range requested by auditors. Export the Tax Summary, Input Tax, and Output Tax reports (scroll down for additional reports).
  1. Specific VAT001 control Ledger Report (if required:) Navigate to Accounting > Balances >General Ledger> Select General Ledger. Select the VAT001 file. Use the date range requested by auditors. Export the report.
Payment Report: (if required)



Navigate to Accounting > Payments > Payments Report. Use the date range requested by auditors. Export the report.

Tenant Statement Reports: (if required)


  1. Detailed Tenant Statement Ledger (if required): Navigate to Accounting > Tenant Statements > Balances > Detailed Statement Balance. Use the date range requested by auditors. Ensure it's set to ALL Files. Export the report.
  2. Statement Balances Report (if required): Navigate to Accounting > Tenant Statements > Balances > Statement Balances. Ensure it's set to ALL Files. Select the end date requested by auditors. Export the report.

Lease Reports: (if required)



Navigate to Admin > Reports > Rentals > Lease Report. Ensure it's set to ALL Files. Export the report.

    • Related Articles

    • Audit Ready: Change Year End

      A financial year is a 12-month period used for financial and tax reporting purposes (e.g., from March of the previous year until the end of February of the current year). The financial year end date may differ from the calendar year end. The Year End ...

    • Audit Journals & Journal Reports

      Journals are performed to move funds between different admin and/or customer files. This does not affect the balance of your cashbook like a manual transaction. What type of Journal should you use? The type of journal will depend on which Cashbook ...

    • Bulk Exporting Reports from PropWorx Desk

      IMPORTANT NOTICE Each company will have different requirements for what reports they would like to download. The reports discussed here below are the most commonly downloaded reports, but there may be others that you may require. You are welcome to ...

    • Activity & Modification Audit Trail

      There are two activity logs that keep track of changes and actions of users on PropWorx: Modification log File Activity log Modification log Modification log provides an overview of all actions performed on the database. 1. Click Admin on the Main ...

    • Bulk Exporting Reports from PropWorx Web

      IMPORTANT NOTICE Each company will have different requirements for what reports they would like to download. The reports discussed here below are the most commonly downloaded reports, but there may be others that you may require. You are welcome to ...