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Using the Related party transactions and Transactions with directors iXBRL tags

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Summary

When you are working through the Assisted tab of Sage Assisted Tagging you will be presented with suggested actions to help you through the process. At stage 5, Assign tags, you are required to assign tags to specific pieces of information. Sage Assisted Tagging will highlight a section of text and suggest the relevant iXBRL tags to be used to tag that information.

Description

Due to the fact that information about related party transactions and transaction with directors can sometimes be combined into one note to the accounts both sets of iXBRL tags are suggested at the same time. It is important that you know what information you are tagging and which tags relate to each section.

Related Party transactions

The following iXBRL tags are for tagging information on related party transactions:

  • Names of the related parties involved in the transaction
  • Description of the relationship between the parties
  • Description of the transaction and general amounts involved
  • Amount due from (to) related party
  • Provision for doubtful debt due from related party
  • Amount written off in period in respect of debt due from related party

These tags use grouping to collate related pieces of information.

Please refer to this guide for an example of tagging related party transactions.

Transactions with directors

The following tags are for tagging information on transactions with directors:

  • Description of specific advance or credit and its conditions, directors
  • Amount of specific advance or credit, directors, start of period
  • Amount of specific advance or credit made in period, directors
  • Amount of specific advance or credit repaid in period, directors
  • Amount of specific advance or credit, directors, end of period

These tags use a combination of grouping and dimensions to collate related pieces of information and assign to the correct director.

It is important that the correct group of tags are used. Although you can use both sets of tags, you cannot use a mixture of tags from both sections otherwise this will cause submission errors.

For instance, if you use Amount of specific advance or credit, directors, start of period, then you must use Description of specific advance or credit and its conditions, directors, otherwise you will get a submission error.

Please refer to this guide for an example of tagging transactions with directors.

 

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