With the starting month for year 2 iXBRL filing rapidly approaching, Seahorse can help you dramatically reduce the time taken to tag this years’ accounts. If you’ve already been converting documents to iXBRL using Seahorse, you can now migrate the tags from your existing accounts to the next year’s accounts, without losing any of your original tagging decisions. Seahorse will still auto-tag any remaining items not contained in the earlier document. The migrated items should already be correct from the previous year’s filing, so very few changes should be required. As a result, the review process will be shorter and the whole year 2 tagging procedure will take significantly less time now that you don’t have to start again from scratch.
As an added bonus, you can also re-use your tagging decisions to speed up the tagging of accounts for several different companies within the same corporate group.
As promised in early September, the new version of Seahorse has just been released, providing full conversion of Microsoft Excel accounts to iXBRL format, ready for HMRC Corporation Tax filing.
There’s no need to change the way you currently work. Just take your Excel accounts document and let Seahorse apply the appropriate iXBRL tags. The process replicates the same automatic tagging approach that has been so successful in the conversion of Word accounts. It also features the same ‘round-tripping’ functionality that allows you to make changes to your accounts outside Seahorse and then re-import the Excel document back into Seahorse without losing any pre-existing tags.
A fully validated iXBRL document emerges, ready for submission to HMRC as part of your CT filing.
So, don’t change your existing process. Let Seahorse simplify and streamline your tagging of Excel documents.
License Seahorse through our partners.
It’s official – Seahorse can now help you tag your Excel based accounts. The beta version of our fast, accurate Seahorse iXBRL conversion tool is now available for demonstration.
The final production version will be available later in September. The beta version shows how accounts documents created in Excel can be uploaded to Seahorse and tags applied in a similar manner to the auto-tagging of Word accounts. If you’re an existing user of the Word version of Seahorse you’ll find the workflow very familiar, including the same intelligent tag suggestion process designed to speed you through tag selection.
So, if you’re currently using Excel to create your accounts and have no wish to change your process in order to comply with HMRC’s mandate for the filing of Corporation Tax accounts in iXBRL, look no further. Seahorse provides the perfect solution for Excel users, so get in touch with one of our Seahorse partners today!
My previous blog post talked about review sheets in Seahorse™. However, even if you’re not using Seahorse, you can still check the quality of your iXBRL documents prior to filing. Why is this important? Because even though HMRC has indicated they will not penalise filers who make best endeavours to comply with the mandate, their guidelines also state that incorrect or missing tags may in certain circumstances prompt further risk assessment and follow-up.
Enter Magnify™, our desktop document review tool. Magnify uses a checklist approach to guide you step by step through an assessment of your iXBRL document. Wherever possible it performs automated tests, verifying calculations and highlighting any discrepancies and errors. No matter whether you produce your iXBRL in-house, use the output from an accounts production package or outsource the whole process to a third party, Magnify gives you that extra peace of mind knowing that you’re submitting quality documents that will pass the HMRC gateway without issue.