Hi James - just found the support forum, now I’m confused as all my groups use this software, so if I post stuff about Hi-Fi please excuse me!
We use TaxCalc - just to get things started off…
To be ideal for the sole trader for whom we don’t prepare accounts (cash basis) Coconut would allow an SNF file export (or a button to send to clipboard like VT Transaction) for import directly into TaxCalc Tax Return Production. I’ve tried it using an intermediary spreadsheet to do the conversion to SNF categories and it works just fine.
For those clients for whom we do need to prepare accounts then a Trial Balance export for import into TaxCalc Accounts Production works ok too (totals of categories are fine, but as we discussed to be a TB it does really need an extra line for the bank account balance!). I’ve designed a Working Papers spreadsheet for example that takes the TB from Coconut and turns it into a proper TB using account categories nicked from Xero, I can then mess around with assets/liabilities/accruals and prepayments and such and export the finished job as CSV file. Seems to work!
Obviously whilst we are working with categories and not proper nominal ledger accounts the balance sheet items need careful attention, but so long as there is a category for all eventualities that’s fine - so a balance in Loan Repayments for example would alert us to the fact the client has a loan, even if the liability isn’t in Coconut as such. There are a few categories that don’t make sense from an accounts point of view (Saving for Tax, Transfers, Investment because we simply don’t know the other entry?) so really we just need to sit down and work out what the end user would use as a description for a transaction and map that to a sensible category.