iXBRL tagging of Excel accounts – CoreFiling’s Seahorse rises to the challenge
Fast, accurate conversion of Excel accounts to iXBRL using Seahorse’s predictive tagging approach
Oxford, 30th September, 2011. CoreFiling, the company that invented iXBRL, has announced that its Seahorse iXBRL accounts conversion software now supports the tagging of Microsoft Excel documents ready for filing with HMRC and Companies House.
Since April 2011 it has been mandatory to convert all Corporation Tax accounts data into the iXBRL format prior to filing with HMRC. Companies that choose to prepare their financial statements using Excel spreadsheets rather than relying on accounts production packages or third party outsourcing can now use Seahorse to apply the iXBRL tags to their accounts without changing their current working practices.
Seahorse is already being used by many corporates and accounting firms to convert Microsoft Word accounts into fully compliant iXBRL documents ready for HMRC filing. The new Excel version of Seahorse has been designed to replicate as far as possible the streamlined workflow already proven successful in the conversion of Word documents. The Seahorse interface will be familiar to those already using the software to tag Word accounts. The new version also includes “round-tripping” functionality to allow external changes to be made to the Excel accounts document, which can then be imported back into Seahorse without losing any pre-existing tags.
Once the tagging is complete, Seahorse allows a fully compliant iXBRL document to be exported, ready for submission to HMRC or Companies House.
Philip Allen, Executive Chairman of CoreFiling said: “Seahorse is already relied upon by a growing number of corporates and accounting firms who value its automatic tagging approach and the ability to ensure that iXBRL documents are fully validated before they reach the HMRC gateway. We are now delighted to extend this facility to preparers of Excel accounts.”