File4 now converts Microsoft Excel into iXBRL format

Since April 2011, it has been mandated by HMRC that all company tax returns for periods ending after 31^st March 2010 are filed in iXBRL format.

File4 is a unique, intelligent tagging iXBRL solution from UNIT4 which allows you to keep your existing internal processes for completing your accounts in Microsoft Word or Microsoft Excel and convert them into an iXBRL formatted version ready for submission to HMRC.

With the introduction of Excel tagging capabilities, you can now upload documents and apply tags in a similar manner to the auto-tagging of Word documents – which takes half the time of the manual ‘drag and drop’ systems. 

In addition, further time saving features have been developed in File4 including:

• Improved offline review process with the addition of free-text comments
• Even faster highlighting and remedying of inconsistent tagging
• Messages to help users cope with known HMRC validation issues
• Greater efficiency in the handling of common tags

An intelligent solution

File4 is a straightforward, competitively priced Software-as-a-Service (Saas) solution that will allow companies to rapidly comply with HMRC’s format requirements, with no need for additional software to be integrated or installed.

What is unique about File4 is the intelligent tagging which many other solutions do not provide, removing the need to manually trawl through the entire taxonomy in search of tags which identify specific data items. File4 can also be used with any ERP or Financial accounting systems, since it just performs the conversion on the final accounts output.

UNIT4 is recognised by HMRC as a supplier of iXBRL software. The File4 solution is listed on the official HMRC 'Corporation Tax Online - software and online forms' web page.