Accounts Production

This help article goes through some best practice guidance and useful tips for the accounts production section of a year end accounts file.

Checklists should be signed off by both manager and CRM before accounts are sent out to client for approval.

Corporate accounts only - The disclosure checklists should be completed alongside accounts production to ensure the accounts contain appropriate disclosures.

Setup

General Settings

Check general settings information to companies house if a corporate/LLP file
Company size - tick "Show size criteria" so you can check the company size against the guidelines
Industry specific formats - to generate rural accounts you must select "Agriculture"
Retained earnings check - ensure this is below £1 (will show as red if above £1 and BA admin will not be able to submit accounts with this error)
Rounding of accounts - in general this will always be "in ones"
Rounding difference - ensure there are no errors here
Date display - in general this will always be YYYY
Signatories - partnerships only - all partners need to be included as a signatory as this is their approval to use these accounts in their personal tax returns
Engagement letter date should always be left blank.
Audit exemption - hover over the "i" icon on the left to ensure you select the correct audit exemption
Bankers & Solicitors - in general will be left blank

Statutory Information & Share Capital Reconciliation

Should have been completed in planning however should be checked again to ensure no changes
Corporate/LLP accounts only - the companies house sync should be used to pull through the data for directors, see help article here.

General - see videos here (9min) & here (8min)

AP Home Screen / Overview

Heavily driven by mapping - if something is omitted then it is likely that there is an error in the mapping
Should be reviewed to ensure no compulsory notes have been omitted
Star / Unstar the templates and notes as applicable for your company
Additional P&L / BS notes - if required then this is done within Overview
Link to video on this section is here

Company information

In the filleted copy of accounts you will have to unstar the company information page and directors report. Silverfin by default choose to include them in the filing copy, however at JC it is not our standard procedure.

Directors' report

Accountants' report / Approval of financial statements

Reports - see video here (12min)

Detailed Profit & Loss

This can be edited to make it more client specific by selecting the format to be "Custom".

Notes to Detailed Profit & Loss

Notes

Note	Entity Type	Best Practice
Accounting Policies (video here - 9min)	102 1A LLP Unincorporated	Accounting policies should be reviewed each year to ensure they are appropriate and should be tailored to be specific to the client.
Company information note	105	Compulsory
Employees	105 102 1A LLP	Compulsory
Tax on profit/(loss)	102 1A	Compulsory where there is a tax charge Bottom 2 boxes
Tangible fixed assets	102 1A LLP Unincorporated	Minimum disclosure for 102 1A Full disclosure for unincorporated The movement boxes for additions, disposals, depn charge should never be overtyped, if rounding errors this should be sorted through a journal. By overtyping you risk the note not being auto updated for changes and also the depn charge not agreeing to P&L.
Debtors / Creditors	102 1A LLP	Minimum disclosure Tick box Display Corporation tax in "Taxation and Social Security" Securities - use note rather than ticking box
Provision for liabilities	102 1A	Compulsory where there is a deferred tax charge as this adds detail to the figure on face of balance sheet to show it is deferred tax
Called up share capital	102 1A	Compulsory
Investments	Unincorporated	Only required where there is investment movements as does not add any further detail to the accounts if no movements

NOTE: these best practices are just guidance, there may be differences from these if specifically requested by Manager, CRM or client.

If you are unsure on some technical areas support is available on SharePoint, here.

NOTE: If there is anything in this help article that needs updated please get in touch with the Silverfin Experts.