SMSF Lead Schedules and Lead Schedule Summaries (Australia Only)

SMSF Lead Schedules and Lead Schedule Summaries at their core are very similar to their standard audit template counterparts, however, they do have a couple of differences that are designed to streamline the SMSF auditing process.

This article will show you the two main differences between standard Lead Schedules and SMSF Lead Schedules.

1. Quantity/Units of shares for Assets

In SMSF 3.0, alongside the standard financial figures which you can view in Lead Schedules and Lead Schedule Summaries you are also able to view the Quantity or Units for any accounts which have them (i.e. accounts under Shares in Listed Companies).

For any accounts which have their Quantity set, Myworkpapers will do an on-the-fly calculation to determine the market price for that account.

Automatic import via Connect for Class Super or BGL CSV

When you import data into an SMSF 3.0 template via Connect for Class Super or BGL CSV, the Quantity will be automatically pulled through where it is available.

Manual entry

You can manually edit the Quantity for each account by following these steps:

1. Ensure that you have the "Show quantities and market price" option ticked.
   
2. From the File menu, select "Edit Mode" - you should see the quantity cell turn into an input box.
   
3. Enter your desired quantity into the quantity cell - your changes are saved automatically

Note: You may only edit the Quantity of accounts inside Lead Schedules.

2. Intelligent display of Lead Schedule and Lead Schedule Summary columns

To ensure that Lead Schedules only display data that is most relevant to an SMSF audit, in SMSF 5.1 the columns of each Lead Schedule and Lead Schedule Summary are intelligently displayed based on the specific form you're on. In SMSF 3.0 Lead Schedules and Lead Schedule summaries, you'll see an additional toolbar that allows you to toggle the visibility of columns on your form.

Show quantities and market price

If you would like to manually toggle the visibility of the Quantity and Market Price columns, you can do this by clicking the "Show quantities and market price" checkbox.

Show initial and adjustment columns

Based on client feedback, SMSF audits don't usually require the Initial and Adjustment columns to be displayed. For this reason, we hide them by default.

If you wish to turn these back on, simply click on the "Show initial and adjustment columns" checkbox.