VT Final Accounts
iXBRL (Inline XBRL)
Click here to download a free 60 day trial of the iXBRL enabled version of VT Final Accounts. The company accounts templates in VT Final Accounts also include pre-tagged corporation tax computations.
From April 2011 HMRC require company accounts to be submitted in the form of an iXBRL file. Paper and pdf files will no longer be accepted. An iXBRL file has the same format as a page on a web site and the accounts it contains can be viewed in any web browser simply by opening the file. In addition, much of the data is specially tagged so that it can also be machine read. The list of available tags is called a taxonomy.
There is more information on iXBRL in the HMRC documents XBRL - when to tag, how to tag, what to tag and Managing the transition.
iXBRL questions and answers
iXBRL tagging guide
iXBRL support topics
A large number of VT's 5,000 users have already successfully submitted iXBRL accounts to HMRC without problem.
What others say about the iXBRL features in VT Final
Comments on AccountingWeb:
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VT Final Accounts
The December 2010 edition of VT Final Accounts has a new button on the VT toolbar called Generate iXBRL File. This displays the following dialog:
The user just has to click on OK to generate an iXBRL file. The VT workbooks are pre-tagged.
Key features of VT's iXBRL implementation
It is best to use a workbook created in the December 2010 edition or later of VT Final Accounts (these are pre-tagged).
Data from old workbooks can easily be imported into a new one using the Copy Accounts Data and Paste Accounts Data commands on the VT Final Accounts>Edit menu. More info...
Alternatively, old workbooks can be tagged by the user (see custom accounts below)
Custom items of data in the workbook can be easily tagged (see custom accounts below)
and tax computations in other Excel workbooks
The Generate iXBRL File button can be used with any Excel workbook, but you will need to manually tag up the workbook beforehand (VT workbooks are pre-tagged). There are two buttons for available for this:
Set Tag (Easy) - this dialog shows the outline of a simple set of accounts - just double click on the required item to insert a tag
Set Tag (Comprehensive) - this dialog lists all the tags available in the entire taxonomy and is suitable for tagging more unusual disclosures
Using the easy dialog, it is possible to tag up a simple set of accounts very quickly (more quickly than typing the data into another template, accounts production package or HMRC's on-line filing application).
The following taxonomies (list of tags) are supported for custom workbooks:
UK GAAP (minimum tagging)
UK IFRS (minimum tagging)
UK Corporation Tax
The minimum tagging versions of the taxonomies will be accepted by HMRC indefinitely.
Summary of iXBRL
VT Software has a full range of iXBRL enabled products:
VT Final Accounts - includes pre-tagged accounts workbooks. VT Final Accounts can also be used to generate an iXBRL file from any set of accounts or tax computation in any Excel workbook
VT Fact Viewer - can be used to display and review the tags in any iXBRL file. VT Fact Viewer is included with the VT Accounts installation and is also available as a free download. When an iXBRL file is generated in VT Final Accounts, the user is asked if he wants to display it in VT Fact Viewer
VT Taxonomy Viewer - lists the tags available in any taxonomy. Included with the VT Accounts installation. VT users are not required to use this application. It is included for interest purposes only
VT XBRL drop down menu in Excel
Example of a tagged cell
Set Tag (Easy) dialog
Set Tag (Easy) dialog (corporation tax example)
Set Tag (Comprehensive) dialog
Set Tag (Comprehensive) dialog (corporation tax example)
Workbook Properties dialog for a VT workbook
Workbook Properties dialog for a non-VT workbook
VT Final Accounts became an HMRC recognised iXBRL accounts product on 29 March 2011.