Enterprise Accounts - Manual Import

Enterprise Accounts

Manual import – Silverfin

For any clients not using Xero software, a manual import will need to be used for this method.

1.    Within Silverfin, you will need to change the file type to “analytical” for this method to work:

·        On the main dashboard, click “edit client.”

·        Then click into the “configuration” tab.

·        Under “file type” you will need to change the drop down from “standard” to “analytical.”

2.    The manual import works almost the same as normal, you just need to add an extra column for your enterprise allocation. See step 3 for how to do your enterprise split within Sage and Quickbooks.

·        NOTE – there may be more than one enterprise allocation within the same nominal code. As below, you can see the split between different income streams, for the same code. Silverfin will recognise the duplicated account code and name and will merge these but will ensure the amounts are split accordingly to their different departments/dimensions.

3.    Sage 50 desktop

For your enterprise allocation, you want to be using the “departments” feature within Sage. You will need to create departments for each enterprise within your clients’ accounts.

NOTE – if your client has several enterprises, as well as just general overheads which do not relate to a specific enterprise, you will need to create an extra department for “general overheads” as any P&L items not allocated to a department WON’T pull through to your P&L in the accounts.

Once you are happy the year-end figures in Sage are ready to be imported into Silverfin, and all the income and expenses have been allocated to a department, you can then export your departmental trial balances, one by one:

-      Export a TB in the “nominal codes” section

-      Select “reports” then “trial balance”

-      Select the “transactional trial balance” where you can choose the department number

-      Export a TB for each department, one by one

-      For each TB exported, add an extra column for “enterprise” or “department” heading

-      Then put the enterprise detail under the heading for each TB

-      Copy all the data on to one spreadsheet with the department details, there may be duplicate nominal codes but Silverfin will recognise this and merge them together, but ensure they are split correctly between the departments

Quickbooks

4.    Once your merged trial balance is ready to be imported into Silverfin, upload the data as normal and when you navigate to the “select columns” section, ensure that your departments are allocated to the dimensions drop down.

5.    Once the trial balance has been imported to Silverfin, you can then move onto mapping your nominal codes.

6.    If you make any adjustments within Silverfin, you can also allocate these to an enterprise, through the “Dimension” drop down.

7.    Once the working papers are complete and the accounts are ready to export, you will need to add the new P&L report to the client within Silverfin.

·        Click into the “Reports” tab along the top blue bar.

·        Click “Add new report.”

·        In the “Main reports” section, select the report named “Enterprise 1 detailed profit and loss – unincorporated”

·        NOTE – this guide is an example of a partnership, but if you are preparing an LLP or Ltd Co, there are separate reports for these, so just select those.

8.    Once the relevant report is open, you need to add in all your enterprises:

·        Select the “Dimensions” button.

·        Here you need to go in and tick all the enterprises.

·        Then click “Apply.”

9.    Once you hit apply, the P&L report should then update to show all your enterprises for the year as well as comparatives.

·        NOTE – if you want the comparatives figures to pull through then you will need to ensure that all P&L items for the previous year are allocated to a dimension also.

10.  Any P&L items not allocated to a dimension, will not be included in the P&L report, and currently, there is no warning or error code that flags to say if our P&L report does not reconcile.

So, the only way to check all P&L items are pulling though would to be by summing together all your net profit/(loss) figures at the bottom for each enterprise on the report. Then compare this net figure to the standard profit and loss report within section “3. Accounts Production” – then if a difference is identified, this will need to be investigated for any uncategorised amounts.

11.  Once you are happy the report agrees, and the accounts are ready to export:

·        Click into the “Exports” tab along the top blue bar.

·        Select “New export”

·        Choose your accounts bundle from the drop-down list, as normal.

·        Drag and drop the “Report” from the right-hand side.

·        Once the report is placed where you want it to be in the accounts, select the enterprise report from the drop-down list.

·        Scroll down to the dimensions and tick the ones you want to show in your report.

·        NOTE – you can change the name of the report heading to whatever you want, the default will be the name of the report.

·        If you want each enterprise to be shown on a separate page, then you will need to drag the report into the accounts as many times as there are enterprises, then when ticking the enterprises to be included, just tick the one you want to include for each page.

·        NOTE – if you are choosing to have each enterprise on a separate page, you can change the name of the report to the name of the enterprise.

·         Once you have included all the enterprise P&L pages, press “Generate export” and the accounts will be ready to view.

Possible errors and how to fix them

1.    If you notice a red circle next to the report name with a number in, this means there is some mapping from nominal codes that have not been allocated to the report, meaning it isn’t pulling through into the profit & loss.

This may be due to you adding the report into the system before you have finished making any adjustments. So, any new nominal codes you have posted to since adding the report, will not be included and will need to be added:

·        Simply, click into the report.

·        Select the “Actions” drop down.

·        Click “Remove report”.

·        Then go through the process of reading the report (per steps 7 & 8 above)

If the problem persists, then follow these next steps…

The report template has been mapped and set up to match the standard P&L report we already have in Silverfin, so most of the nominal codes should be allocated correctly to the P&L report, but this issue may occur on a rare code. Once you allocate that code in your current year, you should not have to re allocate it in the next years going forward.

·        Click into the report.

·        Select the “Actions” drop down.

·        Click “Edit report”

·        Scroll down and on the right-hand side you will see a section for “unallocated accounts” - in there should be the nominal codes that haven’t been included in the report.

·        Scroll down through the P&L layout, showing the groups of income and expenditure and find the relevant income or expense group you want to put this nominal code in. Click the little arrow next to the heading, so the arrow expands to show all nominal codes allocated to that heading.

·        From the “unallocated accounts” section, drag and drop your nominal code into the expanded heading.

·        Then scroll up and “Save report” in the top right corner. Then in the top left corner, select “View report