What does PrepIQ actually produce?
A complete year-end working papers set in your firm's template: the extended trial balance and its lead schedules, the fixed asset register and capital allowances, debtors, creditors, accruals and prepayments, bank, loans and HP, VAT, payroll, dividends and the director's loan account (drawings and capital for a sole trader) and the tax computation. Every figure is a live cell link.
What are year-end working papers?
Accounting working papers are the schedules behind a set of accounts: the extended trial balance and a lead schedule for each area, fixed assets, debtors, creditors, accruals and prepayments, bank, loans, VAT, payroll and tax, each showing how the year-end figure was reached and the evidence for it. They are what a reviewer checks before the accounts are signed off. PrepIQ prepares them from the client's records.
What is a working paper in an audit?
Audit working papers record the auditor's work: the tests performed, the evidence obtained and the conclusions reached, so another auditor could follow them. Accounts preparation working papers, the kind PrepIQ produces, record how the accounts were prepared: the extended trial balance, a lead schedule for each area and the adjustments, each with its evidence. Most small companies are exempt from audit, so for them the preparation file is the one that matters, and a well-built one makes any later review or tax enquiry far simpler.
Does PrepIQ do year-end accounts for sole traders and limited companies?
Yes. Year-end accounts work for both: self-assessment splits and drawings for sole traders; the director's loan account, dividends, reserves and corporation tax for limited companies.
Does it roll last year forward?
Yes. Last year's closing balances become this year's openings, proven to tie. No prior file, the client starts at nil.
Do I still review the work?
Always. Every judgement is flagged and nothing releases until you approve it. Send follow-ups and it revises the same set.
What records does it need?
A ledger export from any platform, plus the paperwork: bank statements, agreements, receipts. No special format.
How do I get access?
PrepIQ is live on the ReconcileIQ practice plans (Practice Essential and above). Open PrepIQ, upload a client's records and run a year-end; each job draws 5,000 credits (RiQ default) or 10,000 (RiQ maximum) from your allocation. One ReconcileIQ subscription covers all five products.
What is PrepIQ?
Year-end working papers and accounts production software for accountants in the UK and Ireland. Give it a client's ledger and paperwork and RiQ prepares the full set: extended trial balance, fixed assets, capital allowances, finance recs, VAT and the tax computation, every figure cell-linked and tied out, ready for your review.
Does it do Irish year ends?
Yes. Your practice picks its tax jurisdiction, United Kingdom or Ireland, and the set comes back on that rulebook and in that currency. Irish sets are written to Revenue and CRO conventions throughout: 12.5% on trading and 25% on non-trading income, the close company surcharge, wear and tear over eight years, section 438 on an overdrawn director's loan. A mixed practice can switch it for a single client, and Northern Ireland uses the United Kingdom setting.
More on Irish year ends.
Does PrepIQ produce statutory accounts?
Not the accounts themselves. PrepIQ prepares the year-end working papers that statutory accounts are built from: the balanced extended trial balance, the lead schedules, the year-end adjustments and the corporation tax computation, for small companies under FRS 102 Section 1A and micro-entities under FRS 105. Your accounts production software takes the signed-off trial balance on to statutory accounts preparation and filing.
Does PrepIQ do the corporation tax computation?
Yes. For a limited company the tax computation schedule works out corporation tax at the banded rates, with marginal relief and associated companies, apportioned across financial years, and posts the charge as a year-end journal unless your firm profile says memo only. PrepIQ does not file the CT600; the computation feeds your tax software. To check a figure quickly, use our free
corporation tax calculator.
How is PrepIQ different from accounts production software like Iris, TaxCalc or Capium?
Traditional accounts production software gives you templates to fill in. PrepIQ prepares the working papers themselves from raw records, then hands the finished set to you to review. It works from any platform's records.
What is the best accounts production software in the UK?
It depends where the time goes in your practice. Traditional accounts production software is strongest at statutory accounts and filing from a finished trial balance, but the hours usually go earlier, in building the working papers that get you to that trial balance. PrepIQ does that part: RiQ prepares the full year-end set from the client's records, cell-linked and tied out, and you review it before taking the signed-off trial balance into your accounts production software. It is built to sit alongside that software, not replace it.
