Lots has happened in the app since the last blog post, so I’m excited to talk about as much as possible. Now that I’m working on the app full time, it’s much easier to get a lot done, so expect lots more features to get added over the coming months. Before I jump straight in, I wanted to let you know that starting from next month, the changelog of all the modifications to the app will be available publicly, which means these blog post will be more about highlighting the major changes, and will reference the changelog for people who want to delve into the details.
So, let’s get into it.
The biggest update to the app is the way users create financial statements. In the previous version of the app, the type of statements being created could be changed on the statements page using the dropdown in the statements toolbar. However, this was only added as a temporary measure, and it meant that both FRS102-1A and FRS105 financial statements would share the same tagging hierarchy, even though FRS105 requires much less granular disclosures. This update means that the user interface, statements, and tagging hierarchy are tailored for the type of financial statements being created.
For instance, FRS102-1A requires rows of the trial balance that are “property, plant, and equipment” to be sub categorised into either “plant and machinery”, “fixtures and fittings”, “motor vehicles”, etc, and further categorised into “cost” or “depreciation”:
Whereas FRS105 simply requires rows of the trial balance that are property, plant, and equipment, to be categorised as just property, plant, and equipment:
When creating a new company or financial period, you now get a choice of which financial statements you want to create, and the current type of financial statements is shown in the navigation bar at the top of the app:
If you start creating one type of financial statements, but want to switch to another type, you can click on the current financial statements type dropdown in the navigation bar, and choose “Convert to…”, which will convert the financial statements and tailor the UI accordingly. As we add more types of financial statements in the future, this tailored UI experience will become much more powerful.
Another exciting feature is tagging automation when uploading a trial balance from Xero. We have mapped Xero’s default chart of accounts to our own tagging hierarchy, which means it is possible to have every row of the trial balance tagged automatically when uploading from Xero, saving you a lot of time!
Whilst we’re talking about the balances page, there have been a number of other changes including, streamlining the FRS102-1A tagging hierarchy so that “Financial Position -> Current Assets -> Inventories” no longer has subcategories, only allowing numbers to be written into the journal fields, and making sure we only accept certain file formats for uploading via CSV (namely .csv, .txt, and .text).
Moving onto the statements page, we’ve fixed an issue with a slight misalignment of the subtotal values in various financial tables; editing the statements is improved by resizing the editing box to fit the text that is being edited, and moving the “Undo Edit” so the edit box spans the entire line; depreciation lines for both “Investment Properties” and “Investments” have been added; and “Revaluation Reserves” and “Other Reserves” have been added to the capital and reserves section of the statement of financial position.
Lastly, the app in general has had an overhaul in terms of loading and responsiveness. We show more messages if things aren’t quite right, so you have a better idea of what’s going on, and we now show a splash screen whilst loading the app for the first time, so it looks more polished.
There are still a bunch of smaller fixes and tweaks that I haven’t talked about, but didn’t want this blog post to get even longer. You’ll be able to see the full list in the changelog, which will be available from next month, or feel free to get in touch before then, if you want to see the detail sooner!
We’ve got the following features coming up in future releases:
- Corporation tax meaning Brevis will be a complete solution for a company’s compliance and tax related tasks
- Instant access to https://brevis.app after signing up via our website https://meetbrevis.co.uk
- Connecting to the companies house API so that lots of the company info page can be filled in automatically