TABLE OF CONTENTS
March 2024 Release
Define Standard Chart of Accounts:
We are excited to announce that firms can now define a standard chart of accounts for different entity types at the firm level in Active Workpapers. This means the accounts will be presented in a standardized manner regardless of the accounting software used, such as Xero or QBO. If you are an Active administrator in your firm, you can configure the chart by going to Workpapers Admin > Standard Chart.
Streamlined Binder and Ledger File Navigation: Say Goodbye to Tab Spam!
We've heard your feedback loud and clear! Clicking on a binder name or ledger file name will now open the binder or ledger file directly within the current window. This eliminates the creation of unnecessary tabs and keeps your workspace clutter-free.
Want to open a binder or ledger file in a new tab? No problem! Simply right-click on the name and select "Open link in new tab."
This change ensures a smoother and more efficient browsing experience for all our users.
February 2024 Release
New Feature:
Corporation Tax Automation (Beta)
We are excited to introduce our latest feature in Active Workpapers' automation series: Corporation Tax Automation (Beta). The Automation will work through a series of steps to compare the ledger balance to the worksheet balance and journal the required values of Corporation Tax Expenses for the period. After the initial automation is completed, it will continue operating in the background and automatically make any necessary adjustments to the journal if there are changes to supporting worksheets or values.
Dive deeper into the feature's functionalities and best practices through our comprehensive guide: User Guide.
Note: As this feature is currently in beta, your feedback and insights are invaluable to us. Your experience, suggestions and feedback will play a crucial role in refining and enhancing Corporation Tax Automation to meet your unique needs.
As with any beta feature, there might be occasional hiccups or issues, and we appreciate your understanding and patience as we work to refine and enhance the feature based on your input. If you encounter any issues, have questions, or want to share your thoughts, please get in touch with us by clicking the help button and submitting a ticket. Your input is invaluable to us, and we're here to assist you every step of the way.
Improved Document Link functionality
This enhancement empowers users to effortlessly add documents to the 'Notes/Hyperlinks' section in Excel workpapers by right-clicking and selecting the 'Add Document Link' option. Users can either upload a new document directly or link an existing one, enabling seamless cross-referencing of documents in their workpapers.
When a worksheet does not have linked documents, the "Add Document Link" button prompts users to add a document.
However, if the workpaper has existing documents available, users can select a document from the available list or upload a new one using the Add More Documents button.
Worksheet Updates:
C20 Corporation Tax Reconciliation
We are proud to announce significant enhancements to our Corporations Tax Reconciliation worksheet. This updated version introduces the flexibility to manually remove Profit and Loss items, ensuring that amounts not impacting profit are accurately accounted for. Additionally, users can now effortlessly link ledger accounts as sources, enabling the automatic integration of non-deductible expenses directly into the worksheet. Complementing this upgrade, we are also launching the Corporations Tax Automation (see above).
N15 Entertainment
We're excited to introduce our new N15 Entertainment worksheet. This worksheet provides automatic transaction imports from Xero, eliminating the need for manual data entry and significantly reducing the risk of errors. It simplifies the process of identifying non-deductible amounts and integrates them into the Tax Reconciliation process with ease. Additionally, the template is crafted with P11D considerations in mind, ensuring a comprehensive approach to handling entertainment expenses efficiently and compliantly.
H10 Deferred Income
We're excited to unveil our new worksheet tailored for the precise recording and management of deferred income. This worksheet aids in the accurate documentation of advance payments for services or goods yet to be delivered. It streamlines the process of apportioning deferred income across the relevant periods, ensuring adherence to accounting standards and enhancing financial statement reliability.
N75 Pensions
We are pleased to introduce our latest worksheet addition, designed to enhance the efficiency and accuracy of pension expense reconciliation. This new worksheet also reconciles pensions payable and incorporates a sensibility check on the expense, ensuring that your financial assessments are both precise and compliant. As part of our ongoing effort to reduce data entry, this worksheet seamlessly integrates with our existing suite.
J21 VAT Reconciliation
We are pleased to announce an update to our VAT Reconciliation worksheet, designed to enhance its functionality and accuracy. This update introduces a new row at the beginning of the reconciliation process for manually entering variances carried forward from prior periods. Additionally, we have added two new rows specifically for capturing variances identified in Troubleshooting Step 3, related to VAT on Sales and VAT on Purchases. These enhancements allow for these variances to automatically integrate into the reconciliation process.
C12 Deferred Tax
We are pleased to announce the release of our latest worksheet, designed specifically to streamline the recognition of deferred tax in accordance with relevant accounting standards. This worksheet facilitates the accurate calculation and reporting of both deferred tax assets and liabilities. By addressing the complexities associated with timing differences between financial and tax reporting, our worksheet simplifies the process of aligning tax expenses with pre-tax financial income.
G10 Fixed Assets
Introducing our new Fixed Assets summary, designed to manage and reconcile your fixed asset groups. By streamlining the processes of recording disposals and depreciation and making necessary balancing adjustments, our worksheet ensures the integrity and accuracy of your asset-related financial data.
F05 Trade Debtors and H05 Trade Creditors
The latest update introduces a streamlined design overhaul for both the Trade Creditors and Trade Debtors worksheets, enhancing the user experience with a more user-friendly interface. This update also includes new graphical sections, which provide a visual representation of financial data to aid you in your analytical work. Additionally, Analytical Insights have been integrated into both analysis sections, offering deeper, actionable insights into financial standings.
We are also releasing a revamped Provision for Doubtful Debts section, featuring a "Debtors at risk" table that highlights the top 10 'at risk' debtors based on customisable sensitivity settings. These design and feature updates not only enhance the visual and functional aspects of the templates but also incorporate advanced analytics features, significantly improving insights and efficiency in managing monthly workpapers.
In addition, the update automatically detects debtors and creditors recorded in foreign currencies and allows the conversion to British Pounds. This enhancement simplifies the process of managing international transactions, ensuring that all foreign currency balances are accurately reflected in GBP in your financial statements.
January 2024 Release
- Balance Sheet Filter
Added a dedicated "Balance Sheet" filter in the Trial Balance section for easier navigation.
- Source Logo and 'Last Refresh' Timestamp
Now displays the source logo and the last refreshed timestamp on the Index page for better visibility.
- Improved 'Record Details' Page
Now, clicking the 'i' icon next to any record instantly reveals a pop-up window displaying all the information you need. Plus, we've fine-tuned the button layout for a smoother experience.
- Introducing 'Quick Comment'
Right-click on any account or record and use "Quick Comment" to add comments like "No action required" or "No movement during the period". These comments will then appear below the account/record.
Note: Quick comments are not subject to any approval workflow. If you need a comment that requires formal approval, please use the "Comment" feature within "Add Record."
- Export Trial Balance
You can now export the trial balance from Active Workpapers as a .csv or .xlxs file using the "Export Trial Balance" option under "Settings & Tools."
The exported file includes four columns: Account No, Account Name, Debit, and Credit.
- Office Filter and Column
"Office" is now available as both a filter and a column in the work paper and ledger listing pages for improved organisation.
- Add Internal Notes and Client Queries directly from Excel
Users now have the ability to create internal notes and client queries from the right-click menu when working in the Excel binder. These actions are also now available in the add-in ribbon: