Last year's trust workpaper, carried forward

Does FediPilot start a trust's year from last year's workpaper?

This trust's year starts with last year's workpaper. FediPilot reads it first, with the emails and last year's return. Then it builds this year's accounts beside last year's. Prior-year continuity is recorded on the workpaper. You review it, and you settle the distribution.

Transcript

This trust's year starts with last year's workpaper. FediPilot reads it first, with the emails and last year's return. Then it builds this year's accounts beside last year's. Prior-year continuity is recorded on the workpaper. You review it, and you settle the distribution. Try it free at home dot fedix dot ai.

The clients, names and files shown in the video are fictional. FediPilot prepares the work; the accountant reviews it.

Sources

• Fedix home page: The 14-day free trial offer and "Nothing is lodged without your approval."
• FediPilot recordings: builds the trust accounts and the bridge from accounting profit to net income in Excel, checks the distribution against the trustee minutes, prepares draft financial statements and saves a draft trust return with each beneficiary. Reads the trustee's emails and attachments.
• FediPilot features: Workpapers are held back until email and the prior-year return have been read. Record non-commercial loss determinations and prior-year continuity on a workpaper.