Thomson Reuters Introduces Academy Accounts Formats to Ensure Accountants Generate Maximum Efficiencies

04 September 2012

Exmouth, 4th September 2012 - Thomson Reuters today announced the release of their Academy Accounts Format to bring new efficiencies to the production of Financial Statements for academies.

The introduction will help accountants to take advantage of the opportunities generated by the formation of 1,600 academies, all with year-end accounts to be produced. This number is expected to rise considerably if the list of schools that have declared an intention to be become an academy is realised.

The incorporation of Academies Formats into Accounts Production makes it easier for accountants to generate year-end accounts in a format prescribed by Company Law and the Charities Statement of Recommended Practice (SORP). These accounts require a Statement of Financial Activities (SOFA), a Balance Sheet and detailed notes to the financial statements.

Until now accountants have used Microsoft Excel and Word to produce academy accounts, but this approach requires significant manual editing to cope with new regulations each year. With the short time allowed to prepare and file the accounts, an efficient accounts production solution that can be quickly updated with the latest regulatory changes can save valuable time and relieve pressure on busy accounts departments.

Features include:

• All disclosures are based on the ‘Coketown’ model accounts and notes are fully configurable (can be switched on and off).
• SOFA automated by data imported from the Trial Balance.
• GAG note data input populates dynamic tables to automatically calculate whether any breach has occurred.
• Multiple schools breakdown supported in the GAG note.
• Academy funding notes are populated via dialogs with the ability to split grants between funds.

Digita product specialists have worked with leading accountancy practices to develop the Academies format. Digita Director of Strategy Max Thomas, said:

"We see the introduction of the academies template as a huge, time-saving advantage to firms who seek to develop this emerging market. Year-end accounts can be produced quickly and efficiently and with confidence that they are compliant."

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