We therefore use the same code as the trial balance class (aside from the "E") to start off with but add uniqueness after the first "G" by including a two-digit number followed by another "G" (because all codes must end with a "G"). We have included a standard directors report on this page. Cost of sales, dividends paid and the default operating expenses are calculated on the statement of comprehensive income and retained earnings.
Additions and depreciation are again the balancing figures.
The financial statements are compiled by linking each account in the trial balance to a pre-defined financial statement reporting class and all the amounts that are included on the financial statements are automatically calculated based on the linked reporting classes. Note: You can therefore automatically roll the financial statements forward or back by simply changing the reporting year on the Setup sheet. These spreadsheets are professionally designed, and all calculated fields auto populate. After completing this step, the trial balance has successfully been imported into the template. There are only two balance sheet items in this section - deferred tax and provisions. Note: If the description in column C contains the text "PPE Class" or "Intangibles Class" at the end of the description, it means that the code on the FinInfo sheet could not be matched to the code on the Classes sheet.
We have therefore included three provisions items in the default template and the appropriate provisions balances at the end of each annual period can be included on the FinInfo sheet. If your provisions are all included in separate trial balance accounts, we still recommend linking all of these accounts to a single class and using the note as indicated above. The interest and income tax paid amounts are calculated by deducting the opening balances and income statement charges from the closing balances of the respective income tax and interest payable amounts. Note that an "add!" You then also need to add the new item to the note in the financial statements by inserting a new row below the last default item, copying one of the existing items and entering the new class code in column A on the AFS sheet. AFS - this sheet includes a complete set of financial statements which is automatically compiled based on the reporting year that is selected on the Setup sheet, the account balances that are included on the TB sheet and the financial information that is included on the FinInfo sheet. The sum of these two line items is included in the balance sheet under current assets. If you are compiling financial statements for previous periods, you may however need to change the column headings accordingly (start with the year before the comparative period in column E). Ensure that the total of the amounts in column E on the TBImport sheet is nil - the total calculation is included in the row above the column headings.
New accounts may also have been added during the current financial period which may not be included in the previous trial balance on the TB sheet.
We have therefore also included a balancing line to ensure that imbalances between the FinInfo sheet values and the trial balance values do not cause balance sheet imbalances. We will also not be able to assist you in adding additional notes to the standard financial statements - you should be able to do this on your own by following the steps that we covered earlier on in these instructions. Note that these two cells contain formulas and formatting that will assist you in identifying new accounts or changes that need to be made to the sequence of the accounts in the export file. If you therefore want to edit the line item descriptions on the financial statements, you need to edit the class descriptions in column B on the Classes sheet. These formulas should only be copied within the same note if you need to add additional items and cannot be copied to any other location in the financial statements otherwise it will result in inaccuracies. All the amounts for the comparative financial year on the financial statements will be nil.
If you hide an entire note, you also need to remove the note number by deleting the formula next to the note heading in column A.
Comprehensive financial statements in Excel - based on IFRS for SME's, Accommodates any account structure and trial balance, Link account codes to pre-defined financial statement reporting classes, Incorporates non-trial balance financial data, Roll financial statements forward or back by changing a single input cell, Automatically compiles most of the financial statements in Excel, Includes trial balance checking and import feature. These items are typically used where the appropriate balance sheet item is included in one account on the trial balance but require multiple lines on the financial statements. Note: If the number of expense line items are not sufficient, additional expenses line items can be added by inserting a new row, copying one of the existing rows and entering a new reporting class code in column A. In terms of new and existing businesses and the addition of new columns, the same procedure that needs to be followed in order to add new columns to the TB sheet needs to be completed for the FinInfo sheet. All income statement accounts should start with an "I" and all balance sheet accounts should start with a "B".
Note that the first 5 characters are the same as the account group reporting class which means that this account will be included in the other expenses total on the income statement but the "02" makes it unique and enables us to include just the amount for this item under the profit before tax note. All rights reserved. If you only include the balance sheet of the third financial year (the year prior to the comparative financial period), it is absolutely essential that the trial balance still balances and that the retained earnings balance is calculated accurately, otherwise your financial statements for the comparative year may not be accurate. In order to start using the template, you basically need to complete the following steps: Note: These are only the main steps that need to be completed and we strongly recommend that you go through the detailed instructions below in order to obtain a more thorough understanding of the template design. Refer to the Troubleshooting section for guidance on how to resolve imbalances in this template. The deferred tax note is based on the assumption that all deferred tax amounts are allocated to one account on the trial balance. The accounting policy notes need to be reviewed carefully and the user needs to ensure that the descriptive text is correct and that all the accounting policies are applicable to the business. Instead, all notes that you do not want to include should be hidden by hiding the entire rows of the note.
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