How do I create Group Accounts in TaxCalc?

Article ID: 3383
Last updated: 08 May, 2024

From version 14.6.300 of TaxCalc we introduced the option to create Group Accounts for limited companies applying FRS102 and FRS102 1A.

These instructions will take you through the process of creating and submitting group accounts electronically to Companies House.

Accounts Production > Client Information > Name > Tick ‘Is a parent company preparing group accounts’ option

NB: The ‘Is a parent company preparing group accounts’ can only be enabled if the add-ons for FRS102 and Group accounts have been purchased.

You will now see an option to “Switch to group accounts”, click this option to enter the group mode.

You can now create and manage your group structure using the Group Structure wizard in the Group Structure screen.

Once you have created your subsidiary relationships, the option to consolidate each subsidiary will be ticked automatically if the subsidiary accounting period end date matches, or falls within three months prior to, the parent accounting period end date.

Group Accounts Setup

You can customise the account settings for the group accounts by using the screens within the group account setup.

Group Posting

The consolidation in TaxCalc will combine the trial balance values from the parent company and all subsidiaries (whose accounts are prepared in TaxCalc).

You can also import a trial balance; for example, where a set of subsidiary accounts isn’t prepared in TaxCalc.

Create a batch and select a batch type to post the group adjustments. The group adjustments will be reflected in the group trial balance and financial statements.

Group Notes

The group edit notes will allow you to customise group notes.

The ‘Open Company Edit Notes’ tab at the bottom of the screen will allow you to open the note you are viewing in the company mode and will allow you to make and save changes if required without closing out the group mode.

Group Reports

The Group Nominal Ledger report will display transactions from the parent company, all subsidiaries included within the consolidation and any group postings (adjustments) for each account code.

A new filter has been added which will allow you to view the full report or show individual sources i.e. just the parent company, a single subsidiary or just group postings (adjustments).

The Group Trial Balance report has two options within the “Customise” setting:

The default option will display a Group Total comprising the values from the parent company, all subsidiaries included within the consolidation and any group postings (adjustments). This option is only available for reporting on the current accounting period.

The second option will allow you to add multiple accounting periods with each period being displayed as a separate (single) column in the report. In this setting, only the Group Total for each account code is displayed and there is no breakdown showing values from the parent company, all subsidiaries included within the consolidation and any group postings (adjustments).

Select Group Full Financial Statements to generate consolidated full financial statements with an option (in Accounts Setup) to include a consolidated trading profit and loss and/or company trading profit and loss.

Select Group Registrar Financial Statements to generate consolidated registrar financial statements.

Check and Finish

The Check and Finish in the group mode will display errors with specific details related to group accounts.

You can also review any errors related to the parent company accounts as these are displayed after the group accounts errors.

File to Companies House

Once you are ready to submit your group financial statements go to Check and Finish > File to Companies House and select either Group Registrar Financial Statements or Group Full Financial Statements.

Please ensure all the necessary fields are completed in the wizard.

Click on File Online.

You are then required to poll for the response from Companies House, where they would have checked the disclosures and content of the accounts. To do this, please see How do I check the status of my submissions to Companies House?​

The Online Filing History will show details of your group accounts submission, marking the submission with a prefix “Group”.

Article ID: 3383
Last updated: 08 May, 2024
Revision: 7
Views: 177
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