Preparation of the consolidated financial statements in Excel for XBRL

Preparing your consolidated financial statements in Excel with XBRL requirements in mind is a key step toward a smooth and efficient iXBRL tagging process. This article outlines how to structure your source file to work seamlessly with Tangelo’s synchronised tables and ensure your data is XBRL-ready from the start.

Working with synchronised tables in Tangelo

In Tangelo, financial data is managed through synchronised tables that link directly to uploaded Excel sheets. Each table is tied to a data source. When you upload or re-upload a spreadsheet, all tables linked to that source are automatically updated across your reports.

This setup ensures consistency, saves time, and makes late-stage updates easy and reliable.

See how to create a synchronised table in Tangelo: https://support.tangelo-software.com/hc/en-us/articles/15262764752284-How-to-add-a-chart-using-synchronised-Excel-data 

 

Best practices for preparing the source Excel sheet

To implement a robust and future-proof workflow, it's essential to prepare your Excel file with a few key guidelines in mind:

• Structure your tables according to XBRL expectations
  Make sure each financial statement, such as the consolidated balance sheet, income statement, and statement of changes in equity, is clearly structured in separate tables.
• Add relevant calculations
  Include all necessary subtotals and totals directly in the Excel file. These calculations will be essential for validation by the XBRL engine.
• Use named ranges instead of fixed cell ranges
  Avoid selecting fixed cell ranges (e.g., A1:F50) when setting up tables. Instead, use named ranges that dynamically adjust when new rows are inserted. This ensures the entire table remains included even if the structure changes later on.
• Ensure all facts contain a value
  The XBRL engine requires that all tagged facts have a value. Leaving cells empty can result in validation errors. If a value is not applicable, enter 0 instead of leaving the cell blank or inserting a dash (–).
• Avoid using dashes or empty fields to represent zero
  Only numeric values (like 0) will be processed properly. Text placeholders like dashes may lead to errors during XBRL validation.
• Ensure consistent formatting of numeric data 
  Use a consistent number format throughout the file (e.g., all figures in thousands, all with the same number of decimals). Inconsistent formatting can interfere with both tagging and validation.

XBRL calculation logic and table design

The XBRL engine can only recognise and validate calculation relationships if all relevant data points are located within the same table or named range. For example:

• A total for assets will only be matched to its line items if they are part of the same Excel table or named range.
• If items used in a calculation are spread across different tables, the relationship cannot be validated and won't appear in the calculation tree during tagging.

In summary

Preparing your Excel file properly is a critical part of an efficient XBRL reporting process. By structuring your consolidated financial statements clearly, using named ranges, including all necessary calculations, and ensuring all values are populated correctly, you'll be setting yourself up for success with Tangelo’s synchronised tables and automated validation.

Need help setting up your source files or creating named ranges? Our support team is here to assist. Or explore our tutorials for step-by-step guidance.