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This article applies to:

  • Product: Digita Accounts Production Advanced
  • Subject: Reports

Community Interest Company (CIC) accounts in Accounts Production Advanced

As the accounting requirements for Community Interest Companies (CICs) are no different from limited companies, you should not need to make many changes to the reports.
Most CICs are companies limited by guarantee, so
Profit/Loss
 on the
Income Statement
 will change to
Surplus/Deficit
. Accounts Production Advanced makes this change for you when you select
Company limited by guarantee
. To do this, go to the
Summary
 tab,
General
, then the
Legal form
 tab.
You can also take the following steps to change the wording for
Revenue
,
Equity
, and the
Income Statement
:
  1. Go to the
    Summary
     tab.
  2. Select
    Report Wording Variables
    .
  3. You can change the
    Revenue
     wording from
    Turnover
    to
    Income
    , and the
    Equity
     wording from
    Capital and reserves
     and to
    Reserves
     here.
  4. Select the
    Report and Primary Statements
     tab.
  5. To change the name of the
    Income Statement
    , select the
    IncomeStatement
     variable and change its
    Value
     from
    Profit and Loss Account
     to
    Income and Expenditure Account
    .