How to Submit an ixbrl File in Sage

ixbrl file in sage

Sage 50 is immensely popular among businesses and accounting professionals across the world. With a plethora of amazing tools and features, this premier accounting software helps businesses and professionals perform their accounting tasks more efficiently.. However, there are certain features the users may often find difficult to use. Some users have informed us that they are not quite familiar with the process of submitting an iXBRL file in Sage 50. If you are yet to use this feature or are having issues with it, simply go through this blog. Here, we will take you on a tour of this useful functionality. After going through this blog, you will have a fair idea of what an iXBRL file is and how to file it in Sage 50.

Here we go!

How to Submit an ixbrl File in Sage?

Total Time: 30 minutes

A) Procedure to Submit an iXBRL File to HMRC

๐Ÿ”น Open Sage Final Accounts
๐Ÿ”น Go to Accounts Previewย 
๐Ÿ”น Click on Full set of Accounts
๐Ÿ”น Click Generate Set of Accounts > iXBRL file for online filing
๐Ÿ”น Click Generate. Two iXBRL files will be generated- full set of accounts and abbreviated set of accounts
๐Ÿ”น Go to the Client Summary page. Click on the Final Accounts section. You will see the entries for both these files
๐Ÿ”น Click the full version of the full set of accounts file. A summary of the iXBRL file will be displayed on your screen
๐Ÿ”น Go to Actions
๐Ÿ”น Click on Download
๐Ÿ”น The file will be downloaded onto your system. It will have a .htm extension
๐Ÿ”น You will need to attach this file to the tax return of your client in Sage.

B) Procedure to Submit an iXBRL File to Companies House

๐Ÿ”น Open Sage Final Accounts
๐Ÿ”น Go to Accounts Previewย 
๐Ÿ”น Click on Full set of Accounts
๐Ÿ”น Click Generate Set of Accounts > iXBRL file for online filing
๐Ÿ”น Choose the abbreviated set of accounts files. Companies House accepts this type of iXBRL file only
๐Ÿ”น If you are filing online for the first time in Sage Final Accounts, you will need to enter the Presenter ID, Presenter Authentication Code and the Registered Email ID. Moreover, if you are filing online for the first time for this particular customer, you will need to provide his Company Authentication Code.
๐Ÿ”น Click Generate. Two iXBRL files will be generated- full set of accounts and abbreviated set of accounts
๐Ÿ”น Go to the Client Summary page. Click on the Final Accounts section. You will see the entries for both these files.ย 
๐Ÿ”น Go to Actions
๐Ÿ”น Click on Download
๐Ÿ”น The file will be downloaded onto your system. It will have a .htm extension
๐Ÿ”น You will need to attach this file toย  the tax return of your client in Sage.

C) Procedure to Submit an iXBRL File to Revenue

๐Ÿ”น Open Sage Final Accounts
๐Ÿ”น Go to Accounts Previewย 
๐Ÿ”น Click on Full set of Accounts
๐Ÿ”น Click Generate Set of Accounts > iXBRL file for online filing
๐Ÿ”น Click Generate.ย 
๐Ÿ”น You will be directed to the Summary page where the iXBRL file for onward submission to Revenue will be generated
๐Ÿ”น Click on the iXBRL fileย 
๐Ÿ”น You will be directed to the Summary page where the iXBRL file for onward submission to Revenue will be generated
๐Ÿ”น Go to Actions
๐Ÿ”น Click on Download
๐Ÿ”น The file will be downloaded onto your system. It will have a .htm extension
๐Ÿ”น You will need to attach this file to the tax return of your client while filing through the Revenueโ€™s Online Service (ROS).

We hope the sequential steps mentioned above would help you a great deal while submitting an iXBRL file in Sage 50. If you are having any difficulties in carrying out the steps above or if you want to know more, we would recommend you to get in touch with some authorized Sage professionals.

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FAQs

What is an iXBRL File?

An iXBRL file describes financial statements and transactions in a manner so that it becomes easy to compare. Here, elements of statements and transactions are tagged. Computers can recognize these tags, gather the data, analyze them and then can exchange them with other computers.
The Sage Accounts application can tag the final accounts of your clients with iXBRL and makes them ready to submit to HMRC, Companies House and Revenue in ROI. We will discuss each of these processes separately.

Can I Submit Multiple iXBRL Files Online for the same Period in Sage 50?

No. you are only allowed to submit only 1 iXBRL file online for the same period in Sage 50. If you try to submit multiple files for the client for the same period, you will receive a rejection message.

How can I Remove an iXBRL Tag?

You can remove only the tags you have added manually. But, you canโ€™t remove the tags added automatically by Sage Final Accounts.
Here are the steps to remove an iXBRL tag-
๐Ÿ”น Go to the Accounts Preview section
๐Ÿ”น Click on either the Full set of accounts or the Abbreviated set of accounts).
๐Ÿ”น Locate the note from where you want to remove the tagย 
๐Ÿ”น Click on the Edit drop-down menuย 
๐Ÿ”น Click on Add iXBRL tags.
๐Ÿ”น Choose a highlighted piece of text. These are the items where iXBRL tags have been applied.
๐Ÿ”น Click on the Continue Tagging drop-downย 
๐Ÿ”น Click on Delete Tag

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