Finding debit balances and unexpected transactions in payables
Validis can help you review the accounts payable sub-ledger for unusual items, such as significant debit balances or unexpected amounts. The detail you need is in the Working Papers pack, which you generate and download from your client's engagement.
Generating the working papers
Step 1
Open Exports
In your client's engagement, select Exports in the menu on the left, then open the Standard Reporting Packs tab.
Step 2
Generate the pack for the period you want
Expand Working Papers, choose the financial year from the dropdown, then select Generate. The dropdown is searchable, and each year expands so you can pick the period within it.
Step 3
Download the pack
Generated packs are listed underneath, with the Year, the Period they cover and the Generation Date. Select the download icon under Actions to save the pack. It downloads as a zip file.
The icon beside it regenerates the pack, which is worth doing if the client has uploaded newer data since it was last produced.
Step 4
Open the accounts payable file
Open the zip file to see the set of standardised Excel working papers. Select the file beginning AP-Report.
Step 5
Review the Payables Open Items List
Within the AP file, scroll through the tabs to find Payables Open Items List. This sheet lists every outstanding payable.
- Check the Outstanding column for unusual or large negative balances. A negative figure here is a debit balance on a supplier account.
- Check the Type column for any transaction types you would not expect to see.