AccountsPrep is a “cashbook” product for preparing annual accounts in arrears for paper-based tax returns. It displaces MS Excel-based accounts preparation prior to putting a simple trial balance into Accounts Production software (it is not a bookkeeping solution in itself).

How does it work?

Bank statements are uploaded into AutoEntry in the usual way; the extracted bank statement data is then imported into AccountsPrep, where it is reviewed, updated and fast-coded to a chart of accounts. Cheques and deposits can be created and matched in addition, and "non-bank" journal entries posted. Then, after completing the necessary cheque and bank reconciliations, AccountsPrep includes a full range of reports (P&L, balance sheet, trial balance, tax report etc), and export formats covering all of the major accounts production software providers (e.g. Sage AP, CCH, IRIS, Relate etc).

Other functionality included 

  • Multiple bank/credit card accounts
  • Bank account transfers
  • Split transactions (e.g. a single bank payment can be split into multiple lines (nominal/tax codes etc)
  • Three methods of journal entry
  • Import of opening balances
  • Full integration with the AutoEntry Sales and Purchases inboxes
  • Multiple periods (including automatic roll-forward of the TB into the next period)
  • Up-to-date chart of accounts and export formats to match accounts production software
  • Analysis tags - a third way to analyse transactions (in addition to the Chart of Accounts Codes and Tax Codes)

Background

AccountsPrep's predecessor was AutoRec, desktop bank reconciliation software that allowed for users to convert their paper statements into a spreadsheet-format, code to a chart of accounts, complete a cheque and bank reconciliation and export into accounts production software or Excel, CSV etc. AccountsPrep is a cloud-based replacement solution for AutoRec desktop. Being in the cloud also opens up the possibilities for many other extensions and integrations e.g. bank feeds, tax returns etc.

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