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Post a double-entry journal line: one debit account, one credit account, equal amounts. This works regardless of which entry point you chose above — it's how manual adjustments (depreciation, accruals, prepayments) get posted, and how you can add transactions one at a time if you're not using bulk upload.

Bank statements and GL dumps record only what was paid or received in cash. Under IFRS accrual-basis accounting, income is recognised when earned and expenses when incurred — regardless of when cash moves. Use the five sections below to tell MagicFS about items not yet reflected in your cash-based data. MagicFS posts these as adjusting journal entries so the combined records (cash transactions + these adjustments) become accrual-compliant. Every adjustment is tagged accrual_adj in the GL Entries tab and stays fully editable or removable here.

Posts: Dr Trade Receivables (10110) / Cr Revenue account.

Posts: Dr Accrued Income — Unbilled (10320) / Cr Revenue account.

Posts: Dr Expense account / Cr Trade Payables (20010).

Posts: Dr Expense account / Cr Accrued Expenses (20020).

Choose Receivable (owed to you) or Payable (you owe). Posts: Receivable → Dr Account / Cr Contra Account; Payable → Dr Contra Account / Cr Account.

Category-level PPE schedule under IFRS for SMEs Section 17 (Property, Plant & Equipment) and Section 27 (Impairment of Assets). Straight-line depreciation, monthly pro-rata. No depreciation is computed for a category until you enter its approved rate — a blank rate means zero charge, by design, so nothing is assumed on your behalf. Land and Capital Work-in-Progress are non-depreciable but still subject to impairment testing under Section 27.

Uses the reporting period set at the top of the page. Used to pro-rate depreciation on additions (whole months held, month of addition counted as a full month — a standard simplification) and, for disposals, to determine each category's opening cost/accumulated depreciation retained for the year. If left blank, a full 12-month period is assumed.

Opening Cost, Opening Accumulated Depreciation and Opening Accumulated Impairment are entered directly per category (posted via the same import-suspense technique used for GL Dump opening balances). Additions and disposals are entered as itemized lines further down and roll up into this table automatically.

Limitations disclosed: (1) disposals reduce the opening cost/accum-dep base used to compute this year's charge, but are not separately time-apportioned to their disposal date — the depreciation up to disposal is assumed to be captured in the "Accumulated Depreciation removed" figure you enter on the disposal line, so review that figure carefully to avoid double-counting or omission. (2) Depreciation is charged as a rate on original cost each year; it is not automatically re-based on an impaired carrying amount (IFRS for SMEs 27.10/27.30(d)) — where a category shows an impairment charge below, consider manually reviewing whether its rate or remaining useful life should change so cost is not depreciated below the impaired recoverable amount. (3) Impairment reversals are capped at the cumulative impairment previously recognised for that category, not at the more precise "carrying amount had no impairment ever been recognised" cap required by 27.30(c) — a simplification for a category-level (not per-asset) schedule.

Posted through a dedicated "PPE Disposal Clearing" account, decomposed into balanced two-leg entries: cost removed, accumulated depreciation removed, proceeds received, and the resulting gain/(loss) plugged to "Gain/(Loss) on Disposal of Fixed Assets."

Standalone note infrastructure — grows as more schedules are built. Currently covers the notes tied to schedules that already exist: Property, Plant & Equipment (from the Fixed Asset Schedule) and Trade Receivables (with the Section 11 impairment allowance below).

Editing note: the numbering here follows the SOFP/SOCI presentation order used in the exported Financial Statements pack (non-current assets, then current assets, then equity, then liabilities, then P&L) — this tab's card order is grouped by workflow instead, so Goodwill (Note 6) and Inventory (Note 9) appear further down.

IFRS for SMEs is an incurred-loss model (Section 11.21–11.26), not IFRS 9's forward-looking Expected Credit Loss model — impairment is only recognised where there is objective evidence of impairment (11.22): significant financial difficulty of the debtor, breach of contract/default, a concession granted because of the debtor's difficulty, probable bankruptcy, or observable data showing a measurable drop in expected cash flows for a group of receivables. Ageing (days overdue) is used below as the objective evidence for delinquency-based grouping permitted by 11.24 ("individually or grouped on the basis of similar credit risk characteristics") — this is not a bare statistical ECL matrix; each rate you enter should reflect your actual assessment of recoverability for that risk group, not a default assumption.

Blank means no rate approved yet — no impairment computes for that bucket until you enter one, same principle as the depreciation rates in the Fixed Asset Schedule.

Inventory is carried at the lower of cost and selling price less costs to complete and sell. Unlike PPE or goodwill, a write-down here can be reversed in a later period if the circumstances that caused it no longer exist — capped at the original write-down. Scope note: this tool does not run a full perpetual inventory/costing subsystem (purchases are expensed directly to Cost of Revenue) — this test applies to whatever balance you post to the Inventory account (10410) directly, e.g. from a stock count.

Goodwill is tested for impairment by comparing its carrying amount to the recoverable amount of the cash-generating unit(s) it relates to (aggregated to a single test here, since this tool doesn't track separate CGUs). An impairment loss on goodwill can never be reversed in a later period (27.28) — even if the recoverable amount subsequently recovers, unlike PPE and Inventory above.

Every remaining Statement of Financial Position and Statement of Comprehensive Income line gets its own note automatically — itemized by COAT account, current year and prior year (from the Prior Year column in the COAT tab), with a Total. No separate data entry needed; edit account names/groupings in the COAT tab and these update immediately.

Presentation follows a standard signed-FS convention: NOTE column, current + comparative year, thin rule above subtotals, double rule under grand totals. Comparative (prior year) figures come from the Prior Year column you key into the Chart of Accounts (COAT) tab, per account.

Opening equity balances are entered directly (same convention as the Fixed Asset Schedule's opening balances) since this tool works from a single current-period ledger rather than a tracked prior-year GL — comparative SOCE rows below use the Prior Year COAT figures the same way SOFP/SOCI do.

A section-by-section walkthrough of the IFRS for SMEs Accounting Standard (Third Edition, 2025), covering all 35 sections. Answer each question as you finalise your financial statements — MagicFS pre-suggests some answers from your own data, but always double-check them. This produces a self-assessment report you or your accountant can use to check the statements before they're finalised, or hand to an auditor as a starting checklist for a real review or audit.

This is a self-assessment tool, not an audit or independent review. Completing this checklist does not constitute assurance under any auditing or review standard (e.g. ISRE 2400) and does not substitute for an engagement with a licensed, independent accountant or auditor.