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General Ledger functionality coming to MyWorkpapers

Innovative cloud-based working papers solution MyWorkpapers is preparing to launch a powerful General Ledger feature to their platform.

The General Ledger feature will be an enhancement to the existing trial balance application, allowing the import of transitional data for the financial year of the engagement.

This latest development comes on the back of several enhancements in the last year and follows on from several user group meetings and a conference earlier this year.

Talking about the benefits that General Ledger will bring, Rich Neal, MyWorkpapers CEO, said: “Engagement files need transactional data that is ring-fenced from interference by the client, a common issue with live data file sharing.

“Now the engagement file data that support the financial statements and tax returns will always be separate and retained by the accountancy firm.”

General ledger data will be available from multiple external sources either by API or CSV import. This data can then be used to check and validate data and see if discrepancies exist.

This will improve the user experience by stopping the need to switch between different products to check the transactional data, creating a more efficient process for users.

“The further benefits ensure a permanent history is retained by the accountancy firm, that is, if the client moves bookkeeping systems and there is a history,” explained Rich.

“Likewise, if the accountancy firm moves their legacy Accounts Production software, they will have a history too.”

The General Ledger transaction data opens further opportunities for firms to utilise data analytics, industry benchmarking, risk assessment and other functionality within MyWorkpapers.

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