Backup, Backup, Backup

Data corruption or loss does happen occasionally and the results can be disastrous. The only sure way to survive this is by ensuring that you have regular backups of all critical data. We see this as so important that we built automated backups directly into AuditMate.

AuditMate has various backup options so you can find the most suitable backup combination for your firm. You will find the Backup Settings document in the Training Files list on the AuditMate launcher and I included the content here:
Backup Settings in AuditMate

AutoBackup Folder
If this is set, every time you exit a client, an AutoBackup will be created in this folder.
This is a zipped backup named with the date and time of the backup. The result is that multiple AutoBackups are created as you progress through the client assignment.
Zipped backups must be ‘Restored’ into a client folder in order to be accessed again as they are system password protected.
Backup Folder
This is the default folder for manually initiated backups.
A zipped backup file is created.
Zipped backups must be ‘Restored’ into a client folder in order to be accessed again as they are system password protected.
AutoCopy Folder
If this is set, every time you exit a client, an AutoCopy will be created in this folder.
This is a Copy of the current client files and has no passwords associated with it.
This is useful for copying current client files to a DropBox, Google Drive or OneDrive folder for cloud backups.

Backups are important, please take them seriously.

What is happening with iXBRL?

As most of you will know by now, CIPC in South Africa will require iXBRL format Annual Financial Statements to be submitted with Annual Returns for certain companies and close corporations as from 1 July 2018. This doesn’t apply to the Annual Financial Statements of many companies and cc’s that are produced using AuditMate / Accountsmate, so for many clients this is not applicable right now.

iXBRL filing is required when any of the following apply:
• Your entity has a Memorandum of Incorporation that prescribes filing of audited financial statements.
• Your entity is a private or personal liability company and, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million.
• Your entity is a private or personal liability company that compiles its AFSs internally (for example, by its financial director or one of the owners) and has a Public Interest Score (PIS) of 100 or more.
• Your entity is a private or personal liability company that has its AFSs compiled by an independent party (such as an external accountant) and has a Public Interest Score (PIS) of 350 or more.

So this is initially aimed at the larger, non-owner-managed entities. If you have clients that will be required to file iXBRL AFS, please let me know how many and which accounting framework they are using i.e. IFRS or IFRS for SMEs. Email: Carl@itmates.co.za

IT Mates has been busy with a new development, iXBRL Mate which is designed to work with AuditMate / AccountsMate and automatically ‘tag’ the Excel AFS in order to produce the required iXBRL submission file for CIPC. This has been an extensive and difficult project, but we are finally getting to a working version which we hope to demonstrate within a couple of weeks.

We will keep you all informed about our proposed webinars to launch and demonstrate iXBRL Mate.

Hope this is helpful…

You don’t need to work alone

You don’t need to work alone – We are here to assist

If you find it difficult to keep up to date while getting all your work done, let AuditMate software make your life easier.

AuditMate makes preparing annual financial statements a breeze as well as working papers for compilations, reviews and audits.

We’ve been doing this for 15 years and we are always available to assist.

Contact us, so we can make your life better.