Micro entity balance sheet

info102 · ‎February 07, 2019

Hi.

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

Which is best report to use from QB ?

Mollcons · ‎February 07, 2019

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.

View solution in original post

AshH · ‎February 07, 2019

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.

info102 · ‎February 07, 2019

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.

Mollcons · ‎February 07, 2019

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 · ‎June 30, 2020

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 · ‎June 30, 2020

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

Caroline-P · ‎June 30, 2020

Thanks Emma, I realise you can't give accountancy advice, but I thought there must be some Quickbooks users who have been through this before and could offer some pointers.

EmmaM · ‎June 30, 2020

We'll leave the thread open Caroline, so other Community users can comment on their experience. Also just to let you know we have a FaceBook group for small business users where you could ask other users in the group, we'll leave the link here you just have to request to join the group.:smiling_face_with_smiling_eyes:

Caroline-P · ‎July 02, 2020

Thanks Emma. Does it take long to be approved for the group? My colleague requested access on Tuesday after your post.

John C · ‎July 02, 2020

Hi Caroline-P

It may take a little longer than usual to be approved given the current situation and the way it is affecting the workforce.

nikki-taggart · ‎August 06, 2020

Hi Caroline,

Any luck on this? I am trying to do the exact same thing...

Regards,

Nikki

Topics

Training

Community

Resources

Micro entity balance sheet