Final Accounts Online Introduction

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2 Final Accounts Online Introduction Final Accounts Online is available to Sage One Accountants Edition users. It will allow you to compile a full set of IFRS for SME s compliant Annual Financial Statements for your clients. Preparing a set of accounts is straight forward and easy: 1. Capture your client s Trial Balance 2. Capture all non-financial client information 3. Set up and review your set of accounts This will result in professional and compliant financial statements. 2

3 Accessing Final Accounts Online In the Company Console, click anywhere next to the company name. The following screen will display: Click on the Final Accounts tab. You will see all the sets of accounts for the company that are in progress as well as all the sets of accounts for the company that are finalised. To access a previous set of accounts, click on the date under the In Progress Set of Accounts section. If you want to start from scratch, click on the Add a Set of Accounts button. 3

4 The following screen will display: Set the period dates for the set of accounts you want to create, then specify the options to determine the basic content of the accounts. If you are creating a set of accounts based on your current existing set of accounts, you have the option to lock your transactions in Sage One Accounting so that no one can process. Click on the Next button. The following screen will display: Select the Client Type. You currently have 2 options (more to follow soon): Proprietary Limited Company; and Close Corporation Click on the Save button to continue. 4

5 The following screen will display: You are able to populate the trial balance in three ways: Import the data straight from Sage One Accounting; Manually enter your client s trial balance; and Import a.csv trial balance. Importing from Sage One Accounting Populating from Sage One Accounting will allow the system to intuitively auto map your accounts. Any exceptions will be indicated, where you will have to map manually. Scan through the allocations before progressing. To map manually, click on the Select a nominal account button. 5

6 The following screen will display: Select the nominal account or create a new one to map to. You will have to indicate which account to base it on. This will tell the system where to display the values on the financial statements. Click on the Confirm button, then Save. Manually entering your client s trial balance If you selected to manually enter your client s trial balance, you have to add the debit and credit amounts for the trial balance accounts. You also have the option to import the trial balance from a.csv file. 6

7 Importing the trial balance If you have selected to import the trial balance, the following screen will display: You have the option to view an example of the.csv template file. Once you have updated the template with your information, you can click on the Upload button. Example of the.csv Template: Standard Trial Balance The trial balance is the fundamental starting point for sets of accounts. Use this view to see the balance of each nominal account. Only nominal accounts with a balance are shown in this view: 7

8 From the standard trial balance, you can: Create a journal. See the detail of a balance. To do this, simply click the relevant row. Edit the initial trial balance. If your client is a Sage One Accounting customer, you can populate a trial balance from Sage One Accounting. Edit the comparative trial balance. Chart of accounts The chart of accounts shows the nominal accounts available in this set of accounts. Changes you make to the nominal accounts are contained within this set of accounts and do not affect other sets of accounts. If you make changes to the chart of accounts, you ll see those changes in all sets of accounts that are based on this one. You can create and edit nominal accounts, and delete those that you ve created. From the chart of accounts, you can: Search for a code or name by typing in the search box. Create, edit or delete nominal accounts. Sort the list by clicking a column heading. Export the nominal account list to a PDF or.csv file. To do this, choose the relevant option from the Create Nominal Account drop down menu. 8

9 The Data tab If you want to make a change to the set of accounts that doesn t involve entering nominal balances, you ll find it here. You ll find some sections on the Data page can t be edited and a message informs you: This section doesn t require any additional information for this set of accounts. The section may or may not be present in the accounts preview, but if it is, Sage Final Accounts Online already has enough information to establish what needs to display. From the Data page, you can: Enter or change data. This is anything that isn t represented by nominal balances. Review the data by working down the list. To jump to a different section, simply click the section name from the navigation menu. Enter signing dates. Change the main details of your client. Simply click the Information Page from the navigation menu. 9

10 The Accounts Preview tab When you print the set of accounts, the output will be optimised for print. Whilst viewing on screen, certain elements are present to help you find your place in the report. As you scroll through the set of accounts, you ll see that each section is outlined with the heading for that section remaining at the top of the screen until you move onto the next section. From the accounts preview, you can: Jump to sections of the preview by clicking the section headings on the left of the preview. Export the accounts preview as a PDF file. Choose this option if you want to print a set of accounts. Add, edit or remove content, including changes to notes and accounting policies, from the accounts preview. Click links in the preview to see where information has come from. In most cases you ll see the option to edit that information and be taken to the correct place on the Data tab. Click values on the accounts preview to see how that value was determined. Click note numbers in the primary statements to take you through to the corresponding note. Add the accountant s name and address by clicking the Add accountant s details block below the cover page. Finalising the set of accounts Whilst you can see the accounts preview on screen, there may be times when a PDF is preferred. This would give you an offline copy for when you might not have access to the Internet, or if you want to print a copy. Click on Accounts Preview Generate Set of Accounts PDF choose with or without draft mark. 10

11 Once you have finalised a set of accounts, you can change the status to Finished: 11