CHECKPOINT TOOLS FOR PPC TAX QUICK REFERENCE Installed on your local computer, Checkpoint Tools for PPC Tax are a collection of value-added productivity solutions created in Microsoft Word and Excel templates that will save you time and money during the preparation and review of your clients tax returns. TREEVIEW SELECTOR Shown below is the Treeview Selector, which is the main dialog screen in the Checkpoint Tools for PPC suite. The suite consists of four product categories: Engagement Letter Generator: Contains letter templates for audit, attest, and tax engagements. You can select the type of client, engagement, period end dates and additional paragraph text. Currently, PPC offers 48 different letter templates (updated regularly). Disclosure Libraries: Make sure you are following professional standards. The disclosure checklist lists every pronouncement under current rules. The library contains hundreds of examples of disclosure wording that you can use in Notes to Financial Statements. Tax Practice Aids: Includes tax preparation and review checklists, worksheets, elections (with requirements explained), tax organizers, engagement letters, and other tax practice resources from related PPC Tax Deskbooks. For support, go to http://support.checkpoint.thomsonreuters.com, or call 800.431.9025. 2013 Thomson Reuters/PPC. All rights reserved.
Tax Workpapers: Used to standardize, automate, and document key tax calculations, PPC creates and updates these Excel spreadsheets with numeric calculations and dynamic content. The following options are available at the top of the Treeview Selector screen. The Help option has a drop-down. Help View Tools 2
TAX PRACTICE AID EXAMPLE Below is an example of the options that are available when you are in a checklist. Open this document in Microsoft Word and use Practice Aid functionality with or without paperless engagement software: In the Yes, No, and Comments fields, easily record and track the progress of an engagement activity. To insert a check mark, select Checkmark from the PPC menu, or right-click to select Checkmark from a pop-up menu. 3
CHECKPOINT TOOLS FOR PPC MENU The Checkpoint Tools for PPC menu functions in both Word and Excel. The menu options vary, however, depending on what type of document you are in. Below is an example of the options that are available when you are in a checklist: Create a New Workpaper Displays the treeview selector so you can select the document you want to create. Add Comments Insert comments into an audit program document. Show Practical Considerations Show Practical Considerations in a document, if available. (They are displayed in blue text. Print Practical Considerations Print Practical Considerations when you print the document. Delete Practical Considerations Delete all Practical Considerations in a document, if required. Configure Sign-off - Enter the user s initials and optional date to display in the sign-off column of the audit program. Step Sign-Off With your initials and date, mark a procedure step as signed off. (Shortcut: ALT + G) Step NA Designate a procedure step as Not Applicable (N/A). (Shortcut: ALT + N) Clear All Sign-offs/Checkmarks Clear all sign-offs and checkmarks in the document. Review Audit Program Changes Show/Hide/Accept changes to the document (similar to Word s Track Changes feature). Share Data Share data within a document (such as client information) with other documents in an engagement. Content Settings Select a link to the related reference material (if you have a valid Reference Library subscription or Checkpoint subscription to the material). Checkpoint Tools Help Open the Checkpoint Tools for PPC Help system. Tickmarks Toolbar Show/Hide the Checkpoint Tools Tickmarks toolbar in Word or Excel. 4
FIELD DESIGNATIONS You can easily identify the type of field from its formatting on each Excel template. Below is an example of the Computational Worksheet for Like-kind Exchanges Tax Practice Aid: Color Codes: Cells shaded white are data entry fields. Cells shaded yellow are calculated fields and should not be edited. Cells shaded gray are blank fields. Warning: Clicking the Clear Input Worksheet button will delete all data entered by the user! Note: Cells with guidance notes contain a small red triangle in the upper right corner. Whenever you place your cursor over a triangle, a guidance note appears. Warning: Editing the calculated fields will result in the loss of calculations because of the removal of formulas! DIAGNOSTICS In Tax Practice Aids, you can get valuable input on how to properly enter data and avoid potential costly calculation errors. Hover the mouse pointer over a red triangle to see a Practical Consideration about a step. Hover the mouse pointer over a red STOP sign to diagnose calculation errors. 5
ENGAGEMENT LETTER GENERATOR You can create engagement letters for a variety of engagements. On the Treeview Selector screen, click the plus sign and expand the Engagement Letter Generator product title to the document level, down to Gift Tax Return, for example. When the letter template opens in Word, you can customize it to meet your needs. From the PPC menu at the top of your template, you can select Customize a Letter to quickly fill in your client s engagement letter information: A new dialog box containing your customization options is displayed: Notes: Depending on the letter you are using, the options on the PPC Letter Customizer dialog box will be different. Go through each tab on the Letter Customizer and complete any required fields prior to clicking OK. Otherwise, you will see the word error on your letter wherever you have incomplete data. 6
PPC TICKMARK TOOLBAR You can use the tax tools set of predefined and customizable tickmark symbols to help organize comments and workflow processes in any of your Checkpoint Tools for PPC documents. From the main menu, select PPC and then Tickmarks Toolbar to display the available PPC tickmarks. To display the PPC Tickmarks toolbar, first open a file (T65- W103 in Practice Aids, for example). Note: You can show/hide the Tickmarks toolbar by right- clicking anywhere in the toolbar and selecting Checkpoint Tools Tickmarks. INSERTING A TICKMARK LEGEND You can insert a Tickmark legend on any page of a document. First, select a cell in an empty portion of an Excel worksheet or click anywhere in a Word document. Then click the Insert Legend button on the Tickmarks toolbar. Check or uncheck the Tickmarks to be displayed in the legend. Click OK. 7
DEFINING TICKMARKS To define a tickmark, first select Define Tickmarks from the PPC Tickmarks toolbar: Select a tickmark that is not already defined and type a definition in the field to the right of that tickmark, such as Agreed to Current Year Workpapers. Note: These definitions will always appear from this point forward until you make another definition change. To insert a tickmark, place the cursor in the document where you want to insert a tickmark. Then, from the PPC Tickmarks toolbar, select the tickmark you want to insert. To delete a tickmark, select the tickmark in the document you want to delete. (In Excel, you must select the tickmark, not just the cell in which the tickmark is located.) Then press the Delete key on your keyboard. After defining a tickmark, click OK. INSTALLING AND UPDATING CHECKPOINT TOOLS FOR PPC To install or update Checkpoint Tools for PPC, log in to Checkpoint and click the Tools tab. Then select PPC Install/Update. Note: You can also click PPC Install/Update in the left frame of the Research tab. 8
The PPC Install/Update page displays the various tools available for installation: Then select PPC Install/Update. Checkpoint displays the installation instructions: Click Product Installer (and follow the prompts). 9