Workpapers for Individual Tax Returns
Workpapers for Individual Tax Returns - I'm new to workpapers and am still figuring it out. But they seem to be very ledger orientated. It would be good to have workpapers for Individual Tax Returns for entities that don't have a Xero datafile. For example - say salary and wage return. Linked to the tax return to show deductions and income ie - you have that union receipt, the basis you've calculated that work from home deduction, you have that buy/sell statement for the shares sold.
Linda Indrisie
shared this idea
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Johnny Hao
commented
I have asked them in the recent Xero WP webinar, and their response was No, but "on their schedule", with no specific date
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Gianina Castro
commented
We are revisiting this again and would love to know if there are any updates on this! We have about 3000 individual clients each year to do. And we feel like currently we are having to double handle the work. Currently doing a workpaper then transferring the information over to Xero where if the WP and Xero were connected like FINs are, this would be so much easier. We are currently exploring other options out there that could streamline this and remove the double handling.
It would also be great to have a notes section in the WPs so the accountants can add notes based on their discussion of each section then an audit section for the final approval incase there are queries or push backs from the internal auditors/partners/managers.
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Christina White
commented
Hello,
Are there any up dates on this please. Would love to know if Xero are bringing out papers that cover the above mentioned. -
Gianina Castro
commented
Yes please! This would be amazing!! Any updates on this?
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Rebecca White
commented
I firmly agree - you should be able to review all workpapers for a group in one area. Not have to view some in Xero Workpapers, and the others in excel or pdf docs. It's incredibly inefficient to not be able to just drag and drop a relevant pdf into a ffile note section