From trial balance to lead schedules to financial statements

Import from the systems your clients use

Upload a CSV or Excel file from Tally, QuickBooks, Xero, Zoho Books, Sage or a client's own spreadsheet, for the current year and the prior year. Stowbill finds the header row even under a title block, and reads:

• Separate Debit and Credit columns, or a single signed balance column
• Balances with Dr and Cr suffixes, as Tally exports them
• Negatives in brackets, and Indian-style digit grouping such as 1,25,000
• Account codes where present, while skipping total and difference rows

Automatic mapping to lead schedules

Each account is mapped to a lead schedule using its name and the sign of its balance: cash and bank, receivables, inventories, property and equipment, payables, borrowings, equity, revenue, cost of sales, operating expenses, finance costs and tax. Change any mapping in one click; manual mappings are remembered when you re-import and applied to the matching account in the other year.

Lead schedules that support review

• Current year, prior year and percentage change for every lead.
• Overall, performance and clearly trivial materiality recorded on the engagement.
• Leads whose movement is at least performance materiality and at least 10% are flagged for explanation.
• Explanation, cross-reference to working papers, and preparer and reviewer sign-off on each lead.

Adjustments and the ISA 450 summary

Record proposed journals as balanced entries. Booked adjustments flow into the final figures and the statements. Unadjusted misstatements feed a summary that shows their total effect on profit against overall materiality and the clearly trivial threshold.

Draft financial statements

Stowbill builds a statement of financial position and a statement of profit or loss with comparatives, adds profit for the year to equity, and checks that assets equal equity and liabilities. Print it or save it as PDF as a starting point. You still choose the applicable framework (full IFRS, IFRS for SMEs or, in Pakistan, ICAP's AFRS for small-sized entities) and add the notes it requires.

Questions