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Cheshire


Master Book-keeper

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Ok, probably the shots aren't conducive with filing accounts but I need some help please.

i mention software being used but it is probably more an FRS / divi issue, so please read through all of the query to see if you can help.

Just done a VT upgrade on the back of a subs renewal for Final Accounts.

Divi keyed in VTT+ correct in year profit and total reserves showing in accounts, but in previous accounts it showed Starement of Changes in Equity (Socie) including the divi. But since the renewal the Socie is no longer showing.

Can't see the removal on the list of items changed by VT.

Aware that under FRS102 you don't need to show divis. Or that is my understanding, but want to absolutely double check this before I send the full set to HMRC with the tax comp. Am I understanding it correctly?

Would have liked to show this divi in the full, rather than filleted, version as it's handy for showing external bodies icon. I've used the 'small co' option in VT.

Anyone any ideas/thoughts?

TIA






-- Edited by Cheshire on Monday 31st of December 2018 10:01:26 AM

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Hi Joanne

Not sure if this helps but I'm wondering if the fact that divi's don't have to be declared means SOCIE has been removed in the upgrade?  See this discussion

https://www.accountingweb.co.uk/any-answers/disclosure-of-directors-dividends-profits-frs102

If you need it in are you able to do a system restore to before you upgraded, complete the accounts then upgrade again?



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Cheshire


Master Book-keeper

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Hi John
I just clocked this link earlier today, although not actually read it yet.

Oops system restore - PC not letting me do one!!!!!! Bloody typical when deadline is looming. But its VT accounts and so the sub had expired anyway, so unsure of that wouldve worked.

Might just add a note on this one. Or see if VT bods are in the office.

Thanks for the link. Hope you are enjoying Watford.



-- Edited by Cheshire on Monday 31st of December 2018 12:00:09 PM

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Ok good to know I was right that the Socie is optional.

Found an update on the VT site  (phew as they are on shutdown!)

http://www.vtsoftware.co.uk/frs.htm    - states

''Small companies

The disclosures required have been reduced by law and in theory the FRC cannot add to them. However, the accounts must still show a true and fair view and FRS 102 "encourages" certain additional disclosures. The VT template contains an optional Statement of comprehensive income and an optional Statement of changes in equity, as encouraged by FRS 102.

Abbreviated accounts have been abolished; instead the balance sheet and notes from the full accounts are submitted to Companies House.

A new template is included in the current edition of VT Accounts.''

But oh what a muppet!!  I ticked the box to switch off the optional reporting of the Socie (left the tick IN this afternoon!)  which was why it wasnt showing.

Oops - I even did myself a note to check back to the ticklist before I finished - but had buried the note in my pile of other papers! A good excuse to never work on Sundays, nor with animals and children, nor with booze!

VT FRS102 accounts.jpg



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__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Ah good, I'm glad you managed to sort it. I hope you gave yourself a "ticking" off lol.  Easy to overlook things though when you're up against a deadline.  If its any consolation I've sat on my accounts for a good few months despite it all being done and went to submit on Monday - last years b/f reserve is different in VT and Taxfiler.  Luckily I know how to extend the deadline, which I did,  so I'll sort it out next week.

Got back home now from Watford an hour ago, enjoyed the little mini break and back to the grind tomorrow.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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