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arkvalleyinfo
Feb 7, 2019 3:14 AM UTC
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Micro entity balance sheet

Hi.

Need to run a report that fits HMRC micro entity balance sheet template.

Which is best report to use from QB ?

MollconsAnswer
Feb 7, 2019 3:14 AM UTC

The micro entity balance sheet is merely a highly summarised version of the QBOnline Balance Sheet report. You merely need the total fixed assets, total debtors, total creditors (less than 12 months), total creditors (over 12 months), and the net capital.

QBOnline (and to the same extent QB Desktop) do not provide the exact format to meet the FRS105 Micro-Entity accounts formats (as yet), so you will need to perform a manual extraction as described.

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10 replies

AshH
AshH
Feb 7, 2019 3:14 AM UTC
Hi info.
I'm not personally familiar with HMRCs micro entry balance sheet. If you can give me a little more information regarding what kinds of data they would need I would be able to give some more advice regarding the best report we offer.
arkvalleyinfoAuthor
Feb 7, 2019 3:14 AM UTC
Hi, Mollcons answer seems to fit the bill (!) .
Hopefully QB will take this onboard and perhaps produce a UK "micro entity" account report sooner ? Many thanks.
MollconsAnswer
Feb 7, 2019 3:14 AM UTC

The micro entity balance sheet is merely a highly summarised version of the QBOnline Balance Sheet report. You merely need the total fixed assets, total debtors, total creditors (less than 12 months), total creditors (over 12 months), and the net capital.

QBOnline (and to the same extent QB Desktop) do not provide the exact format to meet the FRS105 Micro-Entity accounts formats (as yet), so you will need to perform a manual extraction as described.

    Caroline-P
    Jun 30, 2020 11:04 AM UTC

    Apologies for resurrecting an old thread, but I'm struggling with this today. I'm filing first micro entity accounts myself (needs must given the current situation) using the Balance Sheet report.


    Would it be possible to give me a couple of hints on which fields from Quickbooks to enter into which fields on the Companies House form? I can get the Companies House form to validate, but I just want to be sure I'm doing this correctly.


    Thank you!

    EmmaM
    Jun 30, 2020 12:05 PM UTC

    Hello Caroline-P

     

    As we are not accountants we can only guide you to section 9 on the guide from the gov website here  We do have some pro advisors on the Community who are welcome to add to this thread with advice. From what we are aware it  is a simplified balance sheet so you would add in total debtors, creditors, assets, etc 

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