Welcome to Accounts Production!
For the UK, we currently have compliant template sets for FRS102, FRS 102 1A and FRS105. We also have Accounts Production sets for Unincorporated clients- Sole Traders and Partnerships. This article will share some best practice on how to complete these templates.
Our Accounts Production templates are designed to automatically populate as much information as possible. So where you have used SF working papers (for example) you will see these numbers filling through to the relevant note. This should make it quick and easy for you to complete your statutory accounts, especially in future years, where you can roll forward any manually input information!
This article will focus on FRS102 1A, but the set-up of all of our accounts is very similar.
Step 1) Complete the Setup reconciliations
There are 3 key reconciliations that help power the Accounts Production templates. These can be completed in any order, but our suggestion is below.
- Share Capital Reconciliation- this is where you designate the types of share, their class, nominal value and volume of shares. There is a reconciliation feature in this template which compares your manual input with the value from your bookkeeping system
- Directors, Secretaries and Shareholders- this is where you capture information of the client's directors, secretaries and shareholders with their appointment / resignation dates and any shares that are held. Silverfin will pull through the information from the Share Capital Reconciliation (above) and you can check that the volume of shares you have allocated matches the shares you have captured in the Share Capital
- General Settings-this is where you will capture key information to populate the statutory accounts.
- General information- consisting of:
- Company name (automatically populated)
- Entity name change (drop-down)
- Legal form of entity - If selecting LTD, select Statutory or non-statutory (drop-down)
- Form of accounts - (Statutory or non-statutory, for information purposes)
- The date of incorporation (manual input)
- Prior accounts restated (drop-down)
- Is the company dormant (drop-down - for information purposes)
- The registered address (automatically populated if Company House sync enabled)
- Country of registration (drop-down)
- Is the business address different (If yes, input principle place of business for accounts)
- Industry - If real estate is selected, extra line on P&L for "Gain/loss on fair value movement on investments"
- Company size (with guidance included)
- Select type of accounts - FRS102 / FRS1021A (Select which apply and relative disclosures will be applied)
- Rounding options (where you can select how you would like the accounts rounded, and where you would like rounding differences to be allocated to)
- Date display (with some information on 3 different options, for accounts presentation)
- Period vs Year setting (drop-down, for accounts)
- Presentational format for P&L statement - selected option will depend on the presentation of the P&L:
Presentational name for Balance Sheet - drop down option for name:
- Balance sheet
- Statement of financial position
Date of engagement letter (date selection, for accounts)
Signatures of Financial Statements- where you select the dates and numbers of signees (up to 2).
- Date of approval of FS
- Date of accounting report
- Date of auditors report
- Number of signees (up to 2)
- Names and Position of signees (this is a drop-down based on the information you have populated in the Directors, Secretaries and Shareholders template
Accountant- where you populate your accounting company name, your accounting institute, and address
- Audit Settings- if an audit is required, this will open up another few fields where you complete the senior statutory auditor, the audit firm and their address. If audit is selected, Auditors report will be included.
- Bankers- the name and address of any bankers
- Solicitors- the name and address of any solicitors
Step 2) Validate the General reconciliations
Firstly, start with the overview reconciliation, as this will give you an overview of all the other required disclosures. This is where you can also choose between Draft and Final Statements, and Full, Filleted and Abridged.
If you have draft selected, when you export the accounts, they will clearly state DRAFT in the pdf.
Remember that this template will not reconcile if Draft Accounts are selected!
Below this, you will also see a hyperlinked list of all required disclosures. If you select filleted accounts, you will be shown which notes have been scoped out. Each of these templates are hyperlinks that you can click on to jump straight to that note. This makes the overview screen a really useful navigation tool!
You should then work through the templates for validation, and to add any extra commentary etc.
- General overview- This will pull through the information from General Settings
- Directors report- You have the option to add extra paragraphs based on your requirements by selecting the tick boxes. These should be self explanatory but please let us know if you are having any issues.
- Statement of Directors Responsibilities- Here we have populated suggested default text which you can edit depending on your requirements
- Accountant / Auditors report- You can register the audit opinion (if an audited client). You can also edit our default text if required. Note- all of the dates entered in General Settings will be pulled through here!
Step 3) Validate the Reports
You will see the below reports:
- P+L: This information is automatically pulled through from the working papers / bookkeeping system. You have the option to add an additional note at the bottom of the page
- SCI: The statement of comprehensive income also auto-populates so there should be no manual inputs required!
- BS: Your balance sheet will auto-populate, including intelligently identifying which notes are required, and it creates hyperlinks to these specific notes. You will also see the signature line has auto-populated with the selected director(s) from the general settings
- SOCIE: If required, your Statement of Changes in Equity template populates with known information. There are a number of options that you can choose to include (Share premium, Revaluation reserve, equity reserve etc). Silverfin will automatically recognise where there are values in these accounts and will hide the columns if there are no values. You can manually add these in if you want to make any manual adjustments. The template has a reconciling indicator at the bottom so you can ensure that all of your entries reconcile correctly.
Step 4) Validate the Notes
The notes will be automatically in scope and visible on the workflow, depending on the mapping. For example, if you have nothing mapped to Investment Properties, the note will not be visible on the workflow.
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