IndiaAuditLens
Schedule III financial statement automation
For CA firms preparing a company's accounts and audit: classify the trial balance to Schedule III once, carry it forward, and prepare the Balance Sheet, Profit and Loss, cash flow and notes for review.
Why Schedule III takes longer than it should.
- Grouping by hand: Each ledger is mapped to a head in a sheet, and the mapping is built again next year.
- Adjustments out of sight: Reclassifications made in a sheet leave no record of who made them or why.
- Notes that do not tie: Notes and schedules are typed separately and drift from the face of the statements.
How IndiaAuditLens handles it.
- Bring in the trial balance: From Tally, Zoho Books, ERPNext or Excel, with last year's figures beside it.
- Classify: Suggestions, bulk classification, firm rules and last year's mapping carried forward. Conflicts are shown for a decision.
- Adjust with approval: Reclassifications and adjustments go through maker-checker approval, with comments.
- Prepare and finalise: Balance Sheet, Statement of Profit and Loss, cash flow, notes and changes in equity, drafts until finalised, every version kept.
Classification you set once.
- Each ledger shows its head and where the mapping came from: last year, a firm rule or a suggestion.
- A ledger whose classification is an exception is raised to the Findings register.
- From any figure, open the ledgers, parties and invoices behind it.
Part of Audit
- From the client's Tally data to a reviewed audit file and report.
Frequently asked questions
Does Schedule III automation replace professional judgment?
No. It suggests and carries forward; a person decides each classification, and adjustments need approval. The statements stay drafts until they are finalised.
Can it work with Tally trial balance data?
Yes. Bring the trial balance and ledgers in from Tally by file import or the Tally Bridge, or from Zoho Books, ERPNext or Excel.
Can we download the statements?
Yes. The full financial statement package downloads, and an Excel working-paper package covers the trial balance, the statements, schedules and notes.
Why not use only Excel for Schedule III?
A sheet works for one year. Here the mapping carries forward, adjustments keep their approvals, and the statements tie to the same ledgers the audit tested.