Overview                                                  
What you need to know
System requirements 
Upgrades
Version history

Getting started
Introduction
Setting up a new client
Creating your first accounts - step by step        
Final accounts production checklist
Console toolbar

Using First Choice Final Accounts    
Chart of accounts
Accounts description file
Special account codes
Posting file data entry
Transferring opening balances
Importing trial balances
Using the client data screens
Printing the final accounts
Using Quick View/print
Dealing with fixed assets
Creating/filing accounts for Companies House

Other Topics
Periods of accounts and comparatives
Final accounts creation options
Cashflow statements for limited companies
Final accounts validation
HMRC Live validation
The trial balance import wizard
How the software handles iXBRL
The iXBRL viewer
Submitting accounts to HMRC and Companies House
Exporting self assessment data to tax packages
The Clients directory screen
Installing import conversion files
Final accounts formatting options               
Limited Company abbreviated accounts                                                                     
                                                                         

(Check the HMRC iXBRL tagging document if you want to get a basic understanding of the subject)

First, a few iXBRL facts about First Choice Final Accounts:

• Every item in the financial statements is automatically tagged (including the detailed Profit & Loss Account) if the program can match it with an appropriate tag selected from the full UK-GAAP taxonomy.
• Other XBRL data such as dimensions are intuitively selected from the taxonomy by the software and XBRL attributes such as contexts, decimals, scale and sign are similarly handled automatically.
• Users can easily change pre-tagged data with a few clicks using the tag editor - see below.
• All client data in the Notes to the accounts, including related party transactions, is pre-tagged or is auto-tagged during iXBRL file creation. There is no necessity for users to tag the notes.
• The iXBRL file is generated automatically during the accounts creation process and is simply attached to your Corporation Tax software submission to HMRC.
• The software automatically validates the iXBRL content of the accounts and users can also use the inbuilt HMRC live validation function to guarantee that the accounts will be accepted by the Gateway when attached to a CT600 submission document.
• The iXBRL viewer is an integrated module within First Choice Final Accounts which simplifies the examination and checking of iXBRL facts in a set of limited company accounts.

The Accounts description file and tags

If you open the Console screen (limited companies only) at the bottom of the Accounts description file is the tagview box. Select any account and the tagview box will display the linked iXBRL tag for that account in red. Each account in the accounts description file will display one of the following in the tagview box:

•  a tag name such as BasicSalesRevenue or InsuranceAdministrativeExpenses. So when you post an entry to an account, this account code and its monetary value are linked with this tag. (Other iXBRL attributes such as the period and context are automatically added to the link later in the process). See below how to change a linked tag.
  
• (Untagged). No tag has been linked with this account. If you post an entry to this account, the software will alert you. The account cannot be used until it has been "tagged".
  
• tagged by software. Indicates that this account will be tagged automatically by First Choice Final Accounts during final accounts creation.

Changing or adding a tag for the current client with the tag editor.
If you only use the pre-tagged default accounts in the description file, there is no necessity to change the default linked tag. Should you prefer to use an alternative tag that more accurately describes the item it is easy to change it: 

1. Select the account you want to change.
2. Click the Description & Tag editor button.
3. After changing the account description (optional), click the iXBRL Tag drop down box.
4. Select the tag required and click OK. (If you wish to untag the account, select "(Untagged)")

Note: To make your choice quicker and easier, the iXBRL editor will make available for selection only those tags which can be used for accounts of the parent group in the Chart of accounts.

It is important to remember that the accounts description file you see is the current client's description file template and any changes you make apply only to the current client. The changes have no affect on other client's account descriptions or tags. See Accounts description file. 

When changing tags, users should be aware of the following:

• If you select a tag that is already linked to another account, First Choice Final Accounts will alert you and re-instate the original tag.
• You cannot untag an account if one or more postings have been made to it either in the current period or the previous period. 
• Changing the tag for an account to which postings have been made in the previous period will associate the comparative with the new tag in the final accounts.