Sage is ready to release its long-awaited financial statements module to handle statutory reports and electronic iXBRL submissions.
Sage Financial Statements (SFS) is a separate module that bolts into the existing Sage Accounts Production (SAP) and Sage Accounts Production Advanced (SAPA) programs. It will be available at no extra cost to users of those programs. Once the new module is installed, final accounts will be passed into SFS to be tagged with iXBRL and compiled into the appropriate statutory reports for print and output HMRC’s online portal.
Initially the SFS module is available for SAP and SAPA, and will output single limited entity statutory accounts under UK GAAP. Support for the Instant accounts production product will follow in the next 12 months along with templates for farms, LLPs, partnerships and clubs. Other formats such as IFRS accounts will be rolled out subsequently, based on market requirements, the company said.
SFS has been built from the ground up to handle iXBRL. Sage said the enhanced iXBRL tagging engine in SFS will be able to cope with the full tagging list HMRC will want to see supported when it’s called “soft landing” period runs out next year.
The software will also introduce a new two-way interface with a visual style editor for financial statements. Any adjustments made to the final report in SFS will be fed back to the accounts production system, and vice versa. It also includes error checks in the report preview screen that will highlight mistakes and offer step-by-step instructions to resolve them. Further details and video highlights are available from the Sage SFS learning centre.
This interactive financial statement lies at the heart of the new module, explained Darren Ingles, the domain specialist for accounts production at Sage’s Accountants’ Division.
“You can do all your editing on the live surface,” he said.
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.