The Payroll reconciliation BS template is linked to the Payroll reconciliation PnL template.
NOTE: The figures in the above table need to reflect the YTD values (for example, if you have a January - December financial year and you are currently completing April working papers, the table will show January - April values).
There is no set way you have to complete the details of the table, however the TOTAL must reflect the CUMULATIVE YTD VALUES.
Step 1: To begin, you have a few options that will dictate the level of detail that will be presented on this working paper. Select the level of detail in which you'd like to prepare the template
1. - Selecting Analysis of payroll will enable the above table which is intended to capture information from your client’s payroll system. Data can be entered manually each period you can upload it using our upload template.
Note: if you want the 'Director' option to be selected, please use the word 'true' in Plain Text in your Excel upload.
2. - If you would like to enter details at an employee level of multiple periods (e.g. John Smith for Apirl, John Smith for May), select this box. This will expand the table to include individual ‘Period’ and ‘Employee’ columns as shown above.
A template to help you get the formats right for this is here: Payroll-BS-upload-template-(1).xlsx
The paperclip may be useful when a payroll reconciliation has already been prepared, in which case, you can simply enter the totals on one line of the table. You may also choose to attach a PDF copy of the payroll records as extracted from the payroll system.
Average monthly employees
If you’d like to calculate and document the average number of employees for the period, this can be done by enabling the ‘Average monthly employees’ table.
Simply enter the number of employees on the payroll for each month and Silverfin will calculate the average for use in a financial statement disclosure or for the purpose of determining company size.
Note that this option is not mandatory, so not completing this table will not have an impact on other areas of your file or the workflow completion percentage.
Step 2: Prepare the control accounts for PAYE/ NICs, pension and wages
PAYE/ NICs (Social Insurance) Control
For each control account, start by adding in the relevant nominal account/s using the # functionality. This will pull in the related nominal account value which will then be reconciled to the relevant fields in the input table:
Balance b/f per the nominal account/s pulled in using the #
+
PAYE (from your workings in Step 1)
+
Employee NI (from your workings in Step 1)
+
Employer NI (from your workings in Step 1)
-
PAYE paid (from your workings in Step 1)
=
Balance c/f per the nominal account/s pulled in using the #
Repeat the above process for the wages control and pension control accounts
Note: If required, additional fields will automatically appear in your reconciliation once a description/value is entered into the empty yellow boxes.
Step 3: Present a breakdown of your period end balance
Each of the control accounts has the option to enable a table for you to present your year end balance within the working paper.
Simply select the ‘Analysis of carried forward balance’ section below any one of the control accounts to enable the table below:
