Build a company paper from a trial balance

The Xero closing trial balance is balanced, but the accounts still need tax adjustments and the GST control does not yet explain the unlodged quarter. A balanced export is a starting point.

Establish the books

For 2025–26, collect the closing trial balance, prior-year workpaper, general-ledger detail for doubtful accounts, BAS lodgments if GST-registered, the ATO integrated client account, dividend and loan records, and supporting investment statements. Import the software trial balance as the current-year per-books position. Check account classification before looking at taxable income: revenue, expenses, assets, liabilities and equity have different paths through the workbook.

Record year-end adjustments as journals with a source for each one. Reconcile the tax provision to ATO payments and instalments, and the GST control to the unlodged BAS plus timing differences where they apply. Check the franking account against tax actually paid and dividends, and the Division 7A schedule against agreements and repayments. Do not force an out-by to nil with an unexplained journal.

Review the linked paper

In a company Workpapers case, use the dedicated trial-balance screen to upload the export and correct classifications. The delivered T01 Trial Balance carries the per-books figures and adjustment journals; T10 Tax Calc, T50 Income Tax Rec and T60 BAS & GST Rec link from it. Read the summary checks and open the source for any figure that looks wrong. The workbook can also carry a downstream journal list for posting back to Xero.

The workbook's company rate selection and other year-specific figures are taken from its 2025–26 rate book. This guide supplies no rate from memory.