Accounts report
Upon successful preparation of the trial balance, our software would automate the process of creation of accounts reports based on the statutory and management reporting process. The user simply needs to select the trial balance reference number. Automating the accounts report not only saves your time but also ensures a simplified and error free process for tax returns. Embracing automation is our strategic move towards enhancing financial reporting effectiveness.
Creating a new accounts report
To create a new accounts report, click on + Annual accounts. The side panel will open.
Based on the intended purpose of the accounts report, you can select the appropriate report type namely, Full Accounts (HMRC) [This type has an additional option to create report for Companies House simultaneously, and hence, it is most commonly used], Full Accounts (Companies House), Abridged Accounts (Companies House) or Filleted Accounts (Companies House).
Now you will need to select a trial balance based on which you want to prepare the accounts. Our software would automatically fetch the latest accounting period’s trial balance. However, if you wish to create the report based on any other trial balance, you can select it from the dropdown list provided.
If you want to include comparative information in the report, we have an option to do so by selecting 'Show comparative figures' and choosing the previous year’s trial balance. This is also automatically managed by the software. For all subsequent years, the checkbox is automatically ticked and previous year’s trial balance is automatically fetched. You can make changes to the same.
Input the details of average number of employees in both current and if applicable, in previous year.
When creating a report with ‘Full accounts (HMRC)’ type selected, there is an additional option to create the report for Companies House simultaneously which can be ticked as per requirements.
Finally click on 'Save' to proceed.
Once the above steps are performed, an accounts report is auto-generated.
There are certain customisations that can be made to the generated report, namely -
Edit signatory of the accounts report
There are two ways to edit signatories of the report-
Navigate to the 'Settings' menu located at the top right corner and select 'Notes' from the list that appears.
Navigating to the 'Notes' section Select the Director's Report under the notes section and edit signatories under the Signature & approval section. Finally, click on 'Save' to confirm.
Edit signatory from settings option Alternatively, you can quickly edit the signatories in the director’s report and statement of financial position from any of these sections in accounts report-
Click on
icon placed next to the signatures in the report.
Edit signatory from the report Add the relevant signature and enter the approval date. If you want to edit the approval date for the other reports as well, ensure the corresponding checkbox remains selected.
You can also write remarks for further records.
To save these changes to the business setting, mark that appropriate checkbox. This would ensure that for all future reports, the same signature would be picked i.e., this would eliminate the need for recurring adjustments. For temporary changes, it would be advisable to not save these changes to the settings of the business.
Click on 'Save' to confirm and finalise the changes.
Edit signatory options
Edit the notes and accounting policy
There are two ways to edit notes -
Navigate to the 'Settings' menu located at the top right corner and select 'Notes' from the list that appears.
Navigating to the 'Notes' section
Within the notes section, select the desired category such as Director’s report, Accountant’s report, Accounting policy, or Additional notes to include or modify the notes in the accounts report.
Our software has in-built related notes specific to each account. To display the particular note, enable the respective checkbox.
To edit the note content, click on the 'edit' icon near the account name.
In notes for tangible and intangible assets, you can specify the rates and years by selecting
button and click 'Save' to confirm.
Edit notes and accounting policies from settings
Alternatively, while you are already in an accounts report,
You can quickly add notes directly by selecting the dropdown button next to the Notes located in the left corner of accounts report.
Edit notes and accounting policies from the report Choose the appropriate category to which you want to add the note. The option to save the changes to business settings will be enabled by default, untick the box if you do not wish to save the changes to the business settings and then click 'Save' to confirm.
Edit the required category You can quickly edit notes directly within the respective sections in accounts report, click on
button adjacent to the respective notes.
Edit 'Director's report' On clicking that button, a box will appear, allowing you to enter the amended content. Tags are also available for assistance, if needed. Click 'Save' to finalise any changes made.
Edit the content of 'Director's report'
Manage pages in the accounts report
Navigation - Within the accounts report, you can navigate to different pages by clicking on the respective page displayed under 'Report pages' located in the left corner of the report, or by simply scrolling down through the report.
Navigate pages by scrolling down Manage pages- There are two ways to manage inclusion and removal of pages from an accounts report –
You can click on the 'Manage' button located on the left side of the report. Here, enable the checkboxes next to the specific page which you wish to include. The option to save the changes to company settings will be enabled by default, untick the box if you do not wish to save the changes to the business settings. Click 'Save' to finalise the changes.
Manage pages dialog box Alternatively, you can navigate to the 'Settings' menu at the top right corner, and select 'Pages' from the list.
Navigating to 'Pages' section
Click 'Edit' to manage the inclusion or exclusion of the pages in the accounts report. Click 'Save' to finalise the changes.
Managing pages from settings menu You’ll now need to 'Refresh' the respective accounts report where the changes have to be implemented by going into the report.
Refreshing the report
Editing of report type
To signify the accounts report as amended, click on the 'edit' icon next to report type. Here, you can also edit the description of the accounts report.
Select 'New' if preparing the report for the first time, or 'Amended' if amending a previous accounts report. On selecting the amended option, the heading on the cover page would be automatically changed to reflect the report’s status and this would also add iXBRL tags in the background.
Editing report type
Hope this is helpful.
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