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Completing Your First Trust Account Engagement

Contents

  1. Overview
  2. Firm Set Up
    1. Review Firm Roles and Permissions
    2. Enter Staff and Assign Roles
    3. Enter Client Details
  3. New File
    1. Create a New File
    2. Activate the Customiser
    3. Commence Your New Trust Account File!

Overview

The purpose of this help guide is to walk you through the steps required to commence your first Trust Account engagement using MyWorkpapers .  MyWorkpapers is designed to be simple, efficient, and intuitive, and there are just a couple of easy-to-follow steps to get you underway.

 Firstly, you need to set up your firm so you can commence your first Engagement in MyWorkpapers .

Firm Set Up

Before you create your first file, there are a number of setup tasks that must be completed. They don't take long and once completed you are ready to start creating, populating and completing your Year End | SMSF files.

Review Firm Roles and Permissions

Roles and Permissions control which functions you can access, View and edit, permissions are assigned to a role, them roles are assigned to users. Determine which of the standard roles that apply to your firm and edit the permissions for those roles. For detailed instructions on Roles and Permissions, Click Here

Tips and Tricks: To change permissions for a role, click on the Edit tab within Roles and Permissions. If you cannot perform a function in a file, check your Role and Permissions.

Enter Staff and Assign Roles

Staff List is where you setup Staff as users, set their password and assign them a role. Their password will be emailed to them. Once chosen, email addresses cannot be amended. For detailed instructions on adding staff, Click here

Tips and Tricks: MyWorkpapers will generate a random password, or you can enter your own. On first login, new staff should change their password to something they will remember. To change your password, click on your name in the ribbon and select My Profile . You can suspend or delete staff members. you can assign them a new role.

Enter Client Details

Clients can be  accessed from the My Files Menu.

SMSF clients can be directly imported from Class, SimpleFund360 or SuperMate. For detailed instructions on importing and managing Clients from Class, SimpleFund360 or SuperMate, Click here

Clients not administered on the software detailed above can be created manually. For detailed instructions on manually creating and managing Clients, Click here. Note to select trustee from the Client Type dropdown Box on the business details tab. This will display the SMSF specific tabs, where you can record fund member nd trustee details.

Note: Every file you create requires both a client (fund) and a client user (trustee)

Tips and Tricks: You can set the default the template, as well as the default Engagement team on the on the Defaults tab. All the data you enter into Client Details is available within MyWorkpapers standard letters and reports as data fields that will automatically populate. When you create a new file, you can create a new client "on the fly" and add details.

Client Users (Trustees) need to be added to the Clients' profile for access to the Client Portal. Once the client has been directly imported from administration software or manually created the Client Users Tab should appear. For more information on creating logins for your trustees, Click here

With these steps complete, you are ready to create a new file.

New File Setup

Create a New File

To create a new file,

  • from the My Files menu, Select New File.
  • Select the relevant Trust Account file template
  • Enter the Client Name.
  • Select the period
  • Check the Box, click Create New File

Your new file, comprising a working Paper Index, workflow diagram and Trial balance is now created and is ready to be populated. The next step is to be upload the fund Trial Balance. 

For detailed instructions on creating a new file, Click Here

Activate the Customizer

After completing the Trial Balance import (and the mapping process) access the Customiser to add and remove workpapers from the file. This option will ask a few questions about your file accounts and remove all unrequired workpapers. The Customiser can be located at the right of the Working Paper Index. For learn more information about the Customiser click here.

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Tips and Tricks: Although the Customiser has been completed, it is still possible to change your answers and the Working Paper Index will update accordingly.

Commence your New Trust File

You are now ready to commence your engagement, utilizing the workflow Diagram, in conjunction with the Working Paper Index and Associated tools to create your complaint file. For detailed instructions on completing Workpapers, Click here

Tips and Tricks: Use the workflow diagram to guide you through your workpaper completion. Remember that when a workpaper is marked as "Complete", changes cannot be made to it. Click on the pencil in the "Reference" column to enter references. Click in the "Comments" column to enter comments in the comments box . Create review points as you go, by clicking on "Review points" on the top menu, or at the bottom of the workpaper.

 

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