I'm looking for a tool to produce statutory accounts that can do the following
1. There are 40 + legal entities.(Uk consol accounts not required)
2. Following a restructuring, there will be 23 operating units which will be consolidated into one legal entity, so will have to "add up" 23 separate TB's to produce one set of stats. Tax loss streaming is required, hence separate TB's
3.Consolidation adjustments for the 23 OU's eg intra branch trading and balances.
4. Templates for stats to be set up and controlled centrally for numbers to be input remotely
5. Upload of TB from accounting system into the stats tool
6. IXBRL for tax filing
7. Ability to produce detailed tax packs for calc of CT
What do companies currently use. In a past life I used FDC for UK consol accounts but not sure if this is still available. I would appreciate some advice
Many thanks
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Replies (1)
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You could look at Xero...
... for the 23 entities, as cloud based easily accessible by HO and branch.
You could then import all in to IRIS, which if used correctly would take care of inter-entity balance set-offs as part of the import, if inter-entity coded to separate accounts this could all be set off on the import too.
It will then produced statutory accounts and iXBRL CT Return with detailed tax computations. You could have separate IRIS slots for each entity plus a consolidated one so you can look at tax on an entity basis as well as globally. I think the starter pack is up to 25 compannies
What you don't say though is the level of transactions per month, as it may be too large for Xero, but SAGE would work, and a transaction TB could be imported each month if required.