Accounts disclosures - sole traders and partnerships
Accounts disclosures
The contents of each folder will vary, for an explanation of icons within folder click on this link: Accounts disclosures - overview
Click on the > or folder name to expand the folder to reveal the contents of that folder.
Client preferences for Sole Traders and Partnerships
The following are specific to Sole Traders and Partnerships, click on the link to see those for the Limited FRS 105 entity:
For sole traders and partnerships there are options to:
- Exclude the accountants report
- Exclude the balance sheet
- Exclude accounting policies
The default for each of the above is No, change is Yes if you wish to exclude from the accounts.
- Enter alternative primary statements headings in the grids provided
- Enter capital account headings for "other" capital accounts in the grids provided
- Include/exclude notes to the financial statements
A red dot indicates that the disclosure is not required. Where a note is included if you wish to exclude change the option from Yes to No, e.g.
For sole traders only:
- Show capital movements on the balance sheet - the default is No.
For partnerships only:
- Select joint capital accounts - the default is No.
Accountants Report - all entities
Expand this folder to select, edit or remove paragraphs and enter /view the date of signing the report.
Profit and loss account for Sole traders and Partnerships only
If you wish to change the style of the profit and loss account, click to expand the folder and select the required presentation.
Balance sheet for Sole traders and Partnerships only
Presentation / additional display options
If you wish to change the presentation and / or details displayed on the balance sheet, make selections within this folder.
Prior period adjustment column header
If you have prior period errors, select this option to display the "as restated" column header.
Approval statement
To edit the standard Approval statement click and edit the paragraph.
Date of signing
The date of the balance sheet will be entered in the Signing dates section.
Accounting policies for Sole traders and Partnerships only
The accounting policies will be displayed dependent upon the entity in use and nominal codes posted to.
Paragraphs will be automatically displayed or selected from the drop down. To edit click into the main paragraph area.
To clear a paragraph, select Remove from report, if this option is selected you will be asked to confirm.
If you have edited a paragraph which has a master, you are able to revert to the default master, by clicking on Reset to default.
In addition to the accounting policies provided there are three spare accounting policies if required. To activate click on to Spare Accounting Policy required and enter a heading and text.
Example of a paragraph:
Notes to the financial statements for Sole traders and Partnerships only
The data entry for this area is similar to that of accounting policies, the notes will be displayed dependent upon the entity in use and nominal codes posted to. To edit, select the paragraph as previously described.
In addition to the notes provided there are five spare notes. To activate a spare note enter a heading and text as indicated on screen.
Signing Dates
To enter dates, either type into the date field or select from the calendar. If you enter dates in this section, they will also appear in the individual folders. In the example below the date will be populated in the Accountants report folder > Date of signing Account's Report section.
Management collection
If you wish to display nominal codes on the formatted trial balance, change from the default No to Yes.
Lead Schedules
1. Display draft/adjusted mode
To display additional columns within the lead schedules, select Yes. The default is No.
2. Display simple/detailed note
To include detailed lead schedules for each category, select Detailed. The default is Simple. Simple will give a summary on one page, whereas detailed, in additional to the summary, gives individual pages for that category.
For example the summary may be Tangible Assets, the details would be a breakdown of each asset within the tangible assets category. Only those with postings will be included.
3. Section references
The extract below shows whether the lead schedule is set to print and gives a data entry field for you to enter a reference which will print on the indicated lead schedule.
Lead Schedule comments and section sign-off
Comments
To enter comments on the main lead schedule expand the folder and type into the paragraph area.
Section sign off
To enter the name/initials and dates expand the section sign off area and type into the appropriate box(es).
Dates
Expand the Prepared By Date/ Reviewed By Date and Partner Review Dates, either type the date in or select from the calendar.