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Integrate With Xero

July 5, 2021
Bill Kimball

xero workpapers

Boosting accuracy and efficiency, CCH Workpapers streamline the process of evaluating and documenting the financial position of businesses or individuals. As a Xero partner, there’s no charge for Xero Practice Manager once you reach silver partner status. New Xero partners and those at bronze level can try Xero Practice Manager free for 14 days, then subscribe for USD $149/month for up to 10 users.

We look at features, pricing, apps, ease of use, security and more when comparing Xero and QuickBooks accounting softwares. To add a reconciliation field, go to the workpapers tab in the excel ribbon while on the workpaper you want to add a reconciliation field to. Select the cell that you wish to reconcile the trial balance to and left-click on the “Add Reconciliation Field” button. Once a file has been connected, the index page will show the trial balance of that entity. By selecting Automatic Suggestions, when connecting a client file, recommended templates will be inserted into your file based on the trial balance accounts. Once the connection is established the ‘client file’ will appear in the workpaper when attempting to import a trial balance into a Connected Workpaper. Importing GL data (& refreshing GL data) pulls in this year and last year’s trial balance values, all chart of account names and GST indicators.

xero workpapers

Xero claims to have more than 200 secure connections with banks and financial service partners around the world. Xero’s products are based on the software as a service model and sold by subscription, based on the type and number of company entities managed by the subscriber. But while QuickBooks has a larger user base and more features in general, Xero still offers a great raft of features for a cheaper price. QuickBooks products are developed and sold by the US-based software company Intuit, Inc.

Start Using Xero Workpapers For Free

Investigating – We’re currently aware of an issue preventing some users from loading reports. Resolved – Our Product Team have resolved the issue that was preventing some users from loading the reports. Xero HQ Client Onboarding users will find that the org creation form has ‘Previous Accounting Software’ displayed but selection options are unavailable.

A tax default can be set for any purchases, and Xero offers an integration with Avalara TrustFile in order to help users file their returns. Xero’s software also lets users map their accounts to different categories of tax form, keeping everything organized.

Use journal entries to exclude GST adjustments from the GST return in Xero. Any manual journals and adjustments created and edited in Xero Workpapers are seamlessly updated to the client’s accounts in Xero when you’re ready.

This can be updated at any point in time and for any period such as monthly, quarterly or year end. Enabling for a systematic review of the financial data. MyWorkpapers is a cloud based workpaper platform to complete any type of job within your practice. Our solution enables you to standardise workflows and manage clients across your practice with visibility of job progress available at anytime from anywhere. We have been using Xero Workpapers since 2012 and have never looked back. We prepare over 200 Annual Reports using Xero each year and so having a set of workpapers that integrates directly with Xero is essential for our business. Its reduced the time our staff spend preparing workpapers by over 50%.

What Is Xero Workpapers?

Previously I was using a macro enabled spreadsheet solution for workpapers but have now switched 100% of my clients to Xero Workpapers. This has enabled my practice to go paperless and compared to our old system I find it much easier to see where we are up to on a job and to pick it up after working on something else. The product is not fully developed yet and there are a few more workpapers I would like to see but like Xero it is great to see new features always being added.

Workpapers have revolutionised the way that we work with Xero and complete our annual and monthly accounts process. It is great to have a tool that is fully integrated and which enables us to communicate with clients and have them upload any supporting documentation direct into the workpapers. We are also in our second year of using workpapers and are continuing to see time savings being achieved on jobs which is fantastic. Your team can import client lists from practice manager or add jobs as you go to specific workpapers. Review clients’ trial balances and the supporting data that’s been seamlessly imported from their Xero organisation. Xero is a New Zealand domiciled public technology company, listed on the Australian Securities Exchange.

xero workpapers

Store your source documents in the logical place – directly alongside the workpaper. It’s easy to drag and drop files so they sit with the relevant data line. You can ask client questions directly and clients can upload docs direct and easily. You are now able to research changes in a company’s financials. Select the workpapers you wish to share and your options include sending by PDF or ZIP to your recipients outside the organization. You can also assign access as described above to internal company members. Workpapers can be secured to User permissions set by the account manager.

We’d recommend either the $19 per month, plus $6 per employee per month Basic plan or the $39 per month, plus $12 per employee per monthComplete plan. Xero’s financial reporting features start with its interactive reports and budgets, updated in real time throughout the week.

The company initially focused solely on the New Zealand market. It went public on the Australian Securities Exchange on 8 November 2012. Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018. 31 January 2018 was the last day Xero shares were traded on the NZX. In September 2019, the market capitalisation of Xero on the ASX exceeded $10 billion , and it was ranked as the third most-valuable publicly listed New Zealand company. In 2019, the company announced it had over 2 million global subscribers.

A better comparison is the $70 QuickBooks Plus plan vs. the $30 Xero Growing plan, paired with the $19 or $39 Gusto plans. Essentials supports just three users, while Growing is unlimited, making it better value for large or growing operations. It has all the features of Growing, plus support for multi-currency claims and expense claims, as well as a function for tracking time and costs on a per-project basis. Xero keeps things simpler, with just three plans rather than five.

Cloud Software For Accountants And Auditors

There are over 20 workpaper templates offered by Xero that cover almost all needs of a business. If one of these many templates do not meet your needs, there is the ability to customize your own. Accountants can upload docs, approve workpapers, and have adjustments auto-journaled into client data. Workpapers is an online tool offered by Xero that allows compliance in Xero online accounting software to be faster and smarter than ever before. This service is provided for free to Xero silver partners & higher. Workpapers is an online tool that makes year-end compliance in Xero online accounting software faster & smarter than ever before. Manage your practice’s digital compliance workflows including customised work programs, client queries and workpapers.

  • As a result, the company was awarded best hybrid deal of 2018 by Finance Asia.
  • Select the cell that you wish to reconcile the trial balance to and left-click on the “Add Reconciliation Field” button.
  • The Established plan also supports a multi-currency function, which converts 160 different foreign currencies into your business’s local currency.
  • This means it is much easier to organise daily workflow in terms of urgency and resources etc.

For example at times I may want to use the Xero Prepayments template, but other times I want to switch to the simple template that is used for accounts like current assets. That way I can just enter the supporting figure and back it up with comprehensive documentation. Down the side it could have the Yellow/Green/Pink circles etc next to every account.

Xero is a cloud-based accounting software platform for small and medium-sized businesses. Like QuickBooks, Xero has a function to automatically calculate sales taxes for each invoice, as well as state or city taxes.


Creating workpapers has never been this easy, I highly recommend using this. MyWorkpapers is used by our practice for our SMSF audits and has proved to be an efficient and productive tool in this compliance space. Navigation and uploading of supporting files is straightforward and intuitive.

Features include expense tracking, contact management, and unlimited invoices and estimates. Reporting abilities are limited, though a raft of third-party integrations are available . Xero offers three price plans with differing levels of features. Overall, the cheaper cost of Xero’s time tracking abilities is likely to make them the more appealing option, even if QuickBooks includes more features.

Some businesses may rely on those features, however, particularly if they opt for top-down oversight that requires greater control. Xero’s time tracking features are built into its main service. Users can simply download the free Xero Projects app on iOS and Android, using it to record time and costs, as well as seamlessly and automatically feed the data into invoices and reports. Xero doesn’t cover expenses with its Early and Growing plans, but does offer a raft of expensing abilities with its Established plan. Employees can scan receipts to record and track expense claims, slotting each expense into the best category for a report.

Return to the index, and on the line for the workpaper the reconciliation field was added to, left-click in the “Reconcile To” column. Select the reconciliation field created for this worksheet in the previous step. You are able to see the transactions in the general ledger by right-clicking on the account balance and selecting “View General Ledger”. Alternatively, for connections to cloud based software, you can left-click the “Connections” button on the left-hand side of the page. Send online invoices to your customers – and get updated when they’re opened. Use our mobile app to reconcile, send invoices, or create expense claims – from anywhere.