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VT launches iXBRL final accounts program

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1st Feb 2011
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VT Software, developer of the popular Excel-based accounts production tool VT Final Accounts, released the iXBRL-equipped version on 31 January.

Like Sage and several other accounts production software developers, VT faced a big challenge to adapt its product for the new electronic filing format. The program is now ready , giving users two months to implement it and test their processes before online filing of Corporation Tax returns becomes mandatory.
VT managing director Philip Hodgson has been keeping members of AccountingWEB.co.uk updated on the program’s progress and confirmed the planned 31 January launch date last month in the VT Software discussion group after rumours a rival developer had reportedly been circulating negative rumours about the product.
Costing £199 per user in the first year (and £150/year after that), VT Final Accounts includes a Generate iXBRL File command that can be used with any Excel workbook, not just the pre-tagged VT templates. UK GAAP, UK IFRS and UK Corporation Tax taxonomies are supported and the software will also be able to “tag up” customisations to the standard templates, or other accounts spreadsheets.
This extra facility took a little time to get exactly right, Hodgson said: “We needed to build in the self tagging features so that users could customise the VT workbooks and it was only a little more work to make the self tagging features apply to any workbook.
“If you have already done your own thing in Excel, especially if you have a single template from which you derive all your accounts, then self tagging may well be the most efficient way forward.”
The VT Final Accounts package will also include two tools that may help those determined to pursue the DIY tagging route:
  • VT Fact Viewer – a tool that displays the tags in any iXBRL file.
  • VT Taxonomy Viewer, which lists the tags available in any taxonomy.

For more news and views from other users, join our VT Software discussion group.

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Replies (8)

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By prue.stopford
02nd Feb 2011 11:31

USER-FRIENDLY BUT NEEDS CARE

As usual with VT, this is probably as user-friendly as you can make it! I have tried it on two sets of small company accounts. Both had extra items which had to be tweaked – a deferred tax asset, and more than two classes of shares made life slightly more difficult. Once you start to realise what the software is doing, you can make the necessary adjustments – but it needs thought!  I note (without surprise) that today HMRC has rejected calls for the online filing deadline to be moved. I suspect that HMRC is creating its own headache by being so draconian, as I foresee many sets of accounts being filed online containing all sorts of small errors.  But then that’s 21st century Britain for you – no-one ever actually listens!

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By GaryMc
02nd Feb 2011 11:53

Not draconian at all

There is a two year soft landing period to iron out the small issues related to tagging.  If you make an honest attempt at tagging the accounts to the best of your ability with the tools provided then you shouldn't be penalised.

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By vtsoftware
02nd Feb 2011 13:33

VT

 I would just like to emphasise the following:

The VT workbooks are pre-taggedIt really is fast and easy to self tag DIY small company accounts in Excel. See screenshot of the self tagging dialog

@Prue. We will take your points on board and modify the templates.

Philip Hodgson
VT Software

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By ahickie
02nd Feb 2011 16:57

Tagging of detailed P&L

HMRC's own guidance on the tagging of the detailed P&L account, states:

"The statutory accounts a company is required to produce for its members do not include what is often referred to as a ‘detailed profit and loss account’. However, some companies choose to produce a detailed profit and loss account as part of the process by which they prepare final accounts and include this as part of the accounts with their Company Tax Return. Others choose to include a detailed profit and loss account/analysis of the statutory profit and loss account as part of their computations. If included as part of the accounts, the data should be XBRL-tagged using the taxonomy appropriate to the accounts. If the data is included as part of the computations then it should be XBRL-tagged using the Corporation Tax computations taxonomy."

I note that on VT Final Accounts the detailed P&L is not tagged under the minimum tagging rules. Does this mean that if the detailed P&L is included the items that fall within the minimum tagging rules do need to be tagged, even though they have been tagged on teh statutory P&L?

If so, presumably items such as turnover, cost of sales, admin expenses will all need to be tagged manually? There seems to be a lot of confusion about this. The following thread from accountingweb discusses the issue from the point of view of some other software. https://www.accountingweb.co.uk/anyanswers/ixbrl-detailed-profit-loss-account

 

 

 

 

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By vtsoftware
03rd Feb 2011 09:51

Tagging of the detailed profit and loss account

The section in the full taxonomy for the detailed profit and loss account has been entirely removed from the minimum tagging version of the taxonomy.

I do not think that HMRC intended users to scan through the rest of the minimum taxonomy (some 1,500 items) just in case an item in the detailed P&L appears somewhere else in the taxonomy. After all, the purpose of the minimum tagging taxonomy was to make life easier for users! I think if HMRC's intention has been the opposite, they would have kept the section for the detailed profit and loss account in the minimum tagging taxonomy but with a reduced set of items.

VT will be releasing an update by April that does tag the detailed profit and loss account. The tags will then be included in the iXBRL file if you choose the full tagging taxonomy at the point when you generate an iXBRL file. However, we will not be advising users to do this until April 2013. Then you will also have to tag any customisations to the detailed P&L (there is a list of some 1,100 items to choose from, so this is not necessarily a trivial task).

VT are strongly of the view that the minimum tagging taxonomy should be retained and have put this view forward in person to HMRC. VT's arguments can be seen in the last three points in their iXBRL Questions and Answers topic.

Philip Hodgson
VT Software

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By ahickie
03rd Feb 2011 12:43

detailed P&L

Thanks Philip, that's very helpful

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By MBK
03rd Feb 2011 15:57

The position on the detailed P&L is quite clear

I have this "from the top".

If a detailed P&L is submitted as part of the iXBRL file then, to the extent that information appearing in it is taggable, then that information must be tagged. However, if the taxonomy in use is the Minimum Tagging List there is very little that is taggable - just the headline numbers like Turnover, Gross Profit and Profit before tax. But they must be tagged (although the soft landing approach probably means you wold get away without tagging them for a bit).

Once the full tagging list comes in pretty much the whole of the detailed P&L will have to be tagged if included in the accounts submitted.

Alternatively, exclude the detailed P&L from the accounts which create the iXBRL file.

If you do that there are two options:-

1: Summarise the P&L in a way that should be provided for you in your CT software (much like the summary you do for unincorporated businesses) - but almost nobody will do this: OR

2: Submit the detailed P&L as a pdf attachment to the CT comp

How mad is all that? But that is the official position at the moment. Don't expect it to last!

 

 

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By Lutondata
25th Mar 2013 11:43

VT filing with companies house

Well done VT.  Been filing to co house via VT.  Just like anything produced from this software.  Extremely easy, extremely clear, extremely effective.  Many many thanks.

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