Working papers.
Prepared for you.
Hand over a client's records. RiQ prepares the full year-end working papers set, the extended trial balance, fixed asset schedule, capital allowances, finance reconciliations, VAT and the tax computation, every figure linked back to its source and ready for your review.
Four steps. Most of it is yours to review.
You stay the accountant. PrepIQ does the preparation, the reconciling and the linking, then puts a finished, balanced set in front of you. The only manual step that matters is your sign-off.
Records in
The ledger and the paperwork, in any format.
RiQ prepares
Reconciled, posted, linked, balanced.
You review
Every judgement and query flagged.
Papers out
Approve, then download the set.
Hand over the records
Upload the client's bookkeeping or GL export and any supporting documents. Choose sole trader or limited company. Add a note if there is anything RiQ should know.
RiQ prepares
It reconciles every source, builds the schedules, posts to the trial balance with every figure cell-linked, and runs its own tie-out checks until the set balances.
Review & ask
Open the workbook and the notes. Every judgement and query is flagged. Ask RiQ to change anything, or add documents you forgot, and it reworks the same set.
Approve & download
When it is right, you sign it off and download the finished working papers. Nothing is released until you approve it.
A complete working papers set, not a guess.
PrepIQ works inside your firm's own template and fills the sheets a reviewer expects to see, populated, reconciled and linked, in the conventions you already use.
| Nominal account | Opening | Recorded | Unrecorded | Adjustments | P&L | Balance sheet | Rec |
|---|---|---|---|---|---|---|---|
| Sales | - | (48,120) | - | - | (48,120) | - | Rec |
| Motor expenses | - | 3,842 | - | - | 3,842 | - | |
| Training | - | 1,400 | - | - | 1,400 | - | TBC |
| Depreciation | - | - | 2,500 | - | 2,500 | - | Rec · FAS |
| Motor vehicles | 12,000 | - | - | - | - | 12,000 | Rec · FAS |
| Hire purchase | (9,600) | - | - | 2,880 | - | (6,720) | Rec · HP |
| Corporation tax | - | - | - | (1,890) | 1,890 | (1,890) | Rec · Tax |
| Totals | 2,400 | (42,878) | 2,500 | 990 | (38,488) | 3,390 | |
| Check | 0.00 | ✓ |
Extended trial balance
The heart of the set. Opening balances, recorded, unrecorded, adjustment and accruals columns, all footing and balancing.
- Recorded postings linked from the working sheets
- Unrecorded entries for what the books never held
- Adjustments for corrections to what was recorded
- Profit carried through to the balance sheet
Records summary
The client's bookkeeping summarised into the rows your trial balance expects, each figure tracing back to the source.
- Built from the GL or bookkeeping export
- Income and expenses mapped to nominals
- Reclassifications flagged, not buried
- Cross-referenced cell by cell
Fixed assets & depreciation
The fixed asset schedule built or rolled forward, with the year's depreciation charge posted where it belongs.
- Additions, disposals, gains and losses
- Charge for the year by asset class
- Depreciation posted via the unrecorded columns
- Net book value linked to the balance sheet
Capital allowances
The tax schedule kept separate from the accounts, feeding only the tax computation, with pools and the private-use restriction handled.
- AIA, FYA, main and special pools
- Balancing allowances and charges on disposal
- Sole trader private-use restriction applied
- Claim total linked to the tax computation
Finance reconciliations
A dedicated, cell-linked sheet for each hire-purchase, loan, mortgage or completion statement you provide.
- Capital and interest split out each period
- Liability carried forward and tied to the TB
- Interest posted to the profit and loss
- One sheet per agreement, never merged
VAT & tax computation
VAT reconciled and the tax computation completed, including the corporation tax charge for a profitable company.
- Depreciation added back, capital allowances deducted
- Disallowables and adjustments handled
- Corporation tax posted to the adjustment columns
- Sole trader trade, property and savings kept apart
Every figure linked. Every figure traceable.
Working papers are evidence. PrepIQ treats them that way. Nothing is a typed-in number you have to take on trust, and nothing is plugged to force a balance.
Cell-linked, not hardcoded
Every posted figure on the trial balance is a live link to the working sheet it came from. Trace any number to its source in one click.
It has to balance
The recorded columns self-balance by double entry, the profit ties through to capital, and the set will not finish with a difference left unexplained.
Queries, not assumptions
Where a treatment needs your call or the client's confirmation, it is flagged as a cell note and a query, marked TBC, never silently decided.
Reconciled status
Bank, fixed assets and every schedule-backed line carry a Rec mark referencing the sheet that supports them. Sparingly, so the signal means something.
Zero formula errors
The set is recalculated and checked end to end before it reaches you. No broken references, no stale figures, no surprises in the print.
A written log
Every posting, assumption, judgement and client query is recorded in a log alongside the workbook, so your review starts from a clear trail.
"The point is not that it is fast, though it is. The point is that what lands on your desk already ties out, already references its sources, and already tells you what to ask the client."
Sole trader, or limited company.
Choose the entity and PrepIQ uses the right template and the right rules. The accounting and the tax treatment follow the entity, not a one-size-fits-all guess.
Self-employment, done properly
For unincorporated clients. Trade, property and savings income kept in their right places for the self-assessment return, with the equity treatment a sole trader's accounts expect.
- Trade, property (SA105) and savings split out
- Capital introduced and drawings handled correctly
- Equity consolidated into capital on carry-forward
- Private-use restrictions on motor and use of home
- Mileage versus actual costs, never both
Companies, tax and all
For incorporated clients. Directors' loan accounts, dividends and reserves handled, and the corporation tax charge calculated and posted for a profitable company.
- Separate directors' loan accounts, never merged
- Corporation tax computed and posted as an adjustment
- Dividends against reserves, with the queries raised
- Overdrawn loan accounts flagged for your confirmation
- Reserves and share capital carried forward cleanly
Last year's set rolls into this one.
Give PrepIQ the prior-year working papers and it continues from them rather than starting blank. Continuing clients keep their history; new clients start clean.
Opening balances carried
Last year's closing balance sheet becomes this year's opening balances, proven to tie exactly. Profit and loss starts at nil, as it should.
Schedules continue
Fixed asset, capital allowance and finance schedules carry their brought-forward figures, so depreciation and pools pick up exactly where they left off.
Your conventions, kept
It works from your prior file, so your layout, your labels and the way your firm presents a set are preserved year to year.
Any records, any platform.
There is no special export to produce. Give PrepIQ what the client already has: a ledger from whatever software they use, plus the supporting paperwork, in whatever format it arrives.
Private by default, yours to release.
Client financial records deserve care. PrepIQ is built so the data stays scoped to you and is cleared once the job is done.
Scoped to you
Your jobs are yours. Each job is isolated and a user only ever sees and works on their own. Nothing is shared across accounts.
Review before release
A finished set waits for your approval. It is never auto-finalised, and every judgement is surfaced for you to confirm before sign-off.
Removed when finished
When you close a job, the client documents are cleared down. Records are processed for the job in front of you, not kept indefinitely.
The questions we get asked.
What does PrepIQ actually produce?
A complete set of year-end working papers in your firm's template: a records summary, the extended trial balance with opening balances and the recorded, unrecorded and adjustment columns, a fixed asset schedule, capital allowances, a reconciliation sheet for each HP, loan or completion statement, VAT, and the tax computation. Every posted figure is a live cell link back to its working sheet, so the whole set ties out and is traceable.
Does it handle both sole traders and limited companies?
Yes. PrepIQ uses the correct template for the entity you choose. Sole trader sets carry the self-assessment splits and roll the equity accounts into capital; limited company sets handle directors' loan accounts, dividends, reserves and the corporation tax charge for profitable companies.
Can it carry forward last year's figures?
Yes. Provide last year's working papers and PrepIQ rolls them forward. The closing balance sheet becomes this year's opening balances, proven to tie, and the fixed asset, capital allowance and finance schedules carry their brought-forward history. Without a prior file it treats the client as new and opens at nil.
Do I still review the work?
Always, and that is the point. PrepIQ prepares the papers and flags every judgement and query, then hands them to you. Nothing is released until you approve it. You can send follow-up instructions and extra documents and it will revise the same set, keeping the full context of what it already did.
What records do I need to give it?
A general ledger or bookkeeping export from any platform (Xero, QuickBooks, Sage, Pandle and others), plus the supporting paperwork: bank statements, hire-purchase and loan agreements, completion statements, mortgage interest certificates, and scanned or photographed receipts and invoices. There is no special export format to produce.
How do I get access?
PrepIQ is in private beta for accountants and practices. Request early access and we will be in touch. It joins ReconcileIQ, CodeIQ and LedgerIQ in The IQ Suite.
Before the working papers, the rest of the work.
ReconcileIQ
Bank against books, matched line by line, with every exception surfaced. Clean recs are where a clean set of accounts begins.
ReconcileIQ features →CodeIQ
AI bookkeeping that codes the transactions, classifies VAT, matches invoices and posts back to the platform. The ledger PrepIQ then works from.
CodeIQ features →LedgerIQ
40+ analysis modules, ratio trends, anomaly detection and board-ready PDFs from any GL export. The advisory layer on top.
LedgerIQ features →Give RiQ the records. Get back the papers.
PrepIQ does the preparation so your time goes on the review and the advice. In private beta for practices now.