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Filing ixbrl Accounts - software

Wanting software recommendations for ixbrl accounts

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I have previously worked in practice and am used to all the usual software, however have recently moved into industry and work for a company whose accounts are filed by their auditor. On the side I run a small (micro) limited company with a friend. I have always prepared the accounts myself and (with permission and in my own time) used the software at work to prepare ixbrl accounts and file them, however this is no longer possible due to no longer working there. Obviously I could approach local firms or my old firm to see if I could pay a small fee for a filing only service, however I am wondering if there is any cheap software that I can buy so I can just continue to do it myself? I am aware that HMRC do have some sort of free option however I have heard it's not great. Any recommendations with rough pricing would be gratefully received!

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By johngroganjga
27th May 2020 11:56

Leaving aside ixbrl for a moment, what software are you using to prepare the accounts per se? It would be a surprise if that software did not have an option to produce ixbrl versions at the click of a mouse.

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By rocket_queen
27th May 2020 12:13

At the moment everything is on excel. I historically got to TB stage at home then posted on Iris at work to complete the stat account and ixbrl them. I can prepare accounts on word if necessary (it's one set of micro, once a year) however I don't know how I'd file them with no access to Iris anymore.

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By johngroganjga
27th May 2020 12:50

Then if you want to carry on preparing the accounts in Excel and / or Word without using any software you will indeed need a filing only solution.

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By rocket_queen
27th May 2020 12:53

If its reasonably priced I'm happy to buy a software solution that does everything. I use excel because it's free, but if I'm going to buy something that can produce accounts and ixbrl file, I'm happy to use it for everything. Do the quickbooks/sage online/xero online packages have ixbrl options? I always thought they were just for bookkeeping?

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By johngroganjga
27th May 2020 13:03

Yes, you need an accounts preparation package, not a bookkeeping package.

VT accounts is an Excel based accounts preparation package, with, like all packages now I am sure, the facility to produce full and filleted accounts in ixbrl. I would google it and check out the price.

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By rocket_queen
27th May 2020 13:14

That's great, thanks. I'll check it out. I've got plenty of time as we're still two months off year end. I usually prepare asap after year end, but if push comes to shove I have 11 months. I had never considered the minor inconveniences of no longer being in practice!

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By rocket_queen
27th May 2020 16:03

I've had a look and this looks perfect! Thank you. Even got 60 days free trial so I can do the first year for free then if I don't like it, look elsewhere.

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By tom123
27th May 2020 12:19

If the company is as small as you say, and you are a director etc, why would you not choose to use the co house one - assuming you are preparing micro accounts etc.

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By rocket_queen
27th May 2020 12:35

That's an option I wasnt aware of, I've always worked at firms where I can just use their software. Can I just prepare accounts on companies house and submit them to companies house then attach them to a CT600 from there?

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By Cheshire
27th May 2020 14:03

HMRC filing allows both (for your own company only)

I tested it with my own accounts when it was first launched.

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By rocket_queen
27th May 2020 14:15

Do you get a printable set of full accounts for the bank etc with this? Admittedly there won't be much to them with it being FRS105 however I wasn't sure if this was filing only or actual printable accounts as I've never used it. Probably don't actually need accounts for the bank, but you never know, I didn't predict a pandemic either...

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By Cheshire
27th May 2020 14:32

Cannot recall fully as I didnt go the whole hog. In part because it was the very early days and there was an error on their system that despite wrangling backwards and forwards with their technical team never got sorted before I threw in the towel and just used the software I use for clients. That was ages ago.

Seem to remember it actually produces full accounts as well as filleted so it should do micro plus all printable from memory. Worth having a read up on their site.

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By Matrix
27th May 2020 16:20

You can file the accounts and CT600 using the CH or HMRC own login, I don’t know which. As an accountant you will be fine, I understand it does it in a weird order so is not logical to us.

VT is great bookkeeping software. I don’t know how you would file to CH as you need a presenter id and you also would need separate software to file the CT600, but you can prepare the iBRXl accounts in VT.

Also look at Andica for one off CT600 filing.

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By AustinA
04th Jun 2020 10:55

Hi - filing directly onto Companies House seems like a good option for you. I use Taxfiler for my accounts prep and filing but you do have to be an agent to use it.

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By Beach Accountancy
04th Jun 2020 13:11

If you use Xero, they have just launched their (very basic) year end offering, but it is free at the moment.

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By trevor3011
04th Jun 2020 14:17

I use https://xl2xbrl.co.uk/micro. £26 for a single licence for a micro.

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