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From trial balance to draft financial statements — in a single upload.
Preparing a Schedule III financial statement set in India is a 60- to 90-hour exercise. Lay out the Balance Sheet, build the Profit & Loss, write 28 notes (or 32 for Ind AS), reconcile the Cash Flow from indirect-method working, compute the 11 ratios required since 2021, draft the policies — and link every figure to the underlying trial balance. Audit Suite collapses all of that into a single workflow. Upload the TB; receive a 36- to 40-sheet, fully formula-linked draft FS workbook on your screen. No AI tokens. No per-client cost.
What the platform produces
The output is a single Excel workbook with every Schedule III statement, schedule, and disclosure laid out and cross-linked. Open Trade Receivables in the Balance Sheet, double-click — the formula points to a SUMIF on the TB sheet. Reclassify a single ledger from "Sundry Creditors" to "MSME"; the BS line moves, Note 5 updates, the Trade-Payables ageing schedule updates, the MSME disclosure updates. All driven by formulas. No macros, no add-ins.
CORE
Balance Sheet
Schedule III Division I layout, CY + PY columns, Note column linking every line item to its detailed note.
CORE
Profit & Loss
Revenue from Operations, Other Income, expense classification, EPS computation — CY + PY.
CORE
Cash Flow Statement
Indirect method. When PY TB is uploaded, working-capital movements auto-compute via SUMIF differences.
CORE (IND AS)
Statement of Changes in Equity
Generated for Ind AS engagements (Division II/III). Opening, additions, reductions, closing — by component.
NOTES
28 standard notes (IGAAP)
Share Capital, Reserves, Borrowings, Trade Payables (with MSME & ageing), Trade Receivables (with ageing & ECL), PPE, and the rest of Schedule III.
NOTES
+4 Ind AS notes
Leases (Ind AS 116, ROU + lease liability), Financial Instruments (Ind AS 109), ECL provision matrix, Actuarial (Ind AS 19).
DISCLOSURE
Ratios sheet
All 11 ratios required by the 2021 Schedule III amendment. CY, PY, variance %, explanation column where variance > 25%.
DISCLOSURE
Ageing schedules
Trade Receivables and Trade Payables, in the buckets prescribed by the 2021 amendment — < 6 months, 6 months–1 year, 1–2 years, 2–3 years, > 3 years.
SUPPORT
Trial Balance (read-only)
The TB you uploaded, with the Audit Suite classification column appended. Every other sheet's formulas point here.
Why deterministic, not AI
Same input → same output. Always.
For an audited financial statement, the classification engine cannot be non-deterministic. It cannot say "Trade Receivables" today and "Other Current Assets" tomorrow for the same ledger. That's why the Audit Suite classifier is built on 446+ rule-based keyword patterns layered with Schedule III group recognition — not on a large language model. The same trial balance produces the same draft FS workbook every time. No drift, no surprises, no per-token costs, no client data sent to third-party API providers.
How the classifier works (under the hood)
- Layer 1 — Per-tenant override library. Every manual classification your firm makes is remembered. The next time the same ledger appears (for any client, or just this client, depending on the setting), it's pre-classified. Confidence: 100.
- Layer 2 — Group / classification column. If the trial balance includes a "Group", "Parent", "Under", "Account Type", or "Classification" column (Tally exports this; Zoho and QuickBooks have equivalents), the platform reads it and maps Schedule III groups directly. Confidence: 90.
- Layer 3 — Ledger-name keyword match. 446 keyword patterns covering every Schedule III bucket, including industry-specific items. Confidence: 80.
- Layer 4 — Balance-direction fallback. For ledgers that still aren't classified, debit balances are tentatively flagged as Other Current Assets, credit balances as Other Current Liabilities. The auditor reviews these. Confidence: 30.
- Layer 5 — Manual override. Anything still unclassified is presented in the UI; classify once, and Layer 1 remembers it forever.
The 11 ratios — 2021 Schedule III amendment
All 11 required ratios, computed and variance-checked
- Current Ratio
- Debt-Equity Ratio
- Debt Service Coverage Ratio
- Return on Equity Ratio
- Inventory Turnover Ratio
- Trade Receivables Turnover
- Trade Payables Turnover
- Net Capital Turnover Ratio
- Net Profit Ratio
- Return on Capital Employed
- Return on Investment
Each ratio is computed using SUMIF formulas on the TB — not hard-coded numbers — so any reclassification flows through automatically. The variance column flags movements above 25%, which is the threshold at which Schedule III requires an explanation.
Prior-year comparatives — without re-keying
Upload last year's trial balance once. The platform classifies it using the same rules (with the same overrides), so identical ledger names get identical classifications across the two years. The PY column on every statement, every note, the Cash Flow movements, and the Ratios sheet's PY column — all populated from the same single source.
FAQ
Can I edit the generated Excel?
Yes. The output is a standard .xlsx file — open in Excel, LibreOffice, or Google Sheets. Add policies, adjust disclosure language, change the entity name in headers. The formula linkages are preserved as long as you don't paste-as-value over them.
Does the system store the trial balance after generation?
Yes — the TB is retained in the engagement file. This allows you to re-generate the FS after late adjustments without re-uploading. The data sits inside your firm's dedicated SQLite database (physically isolated from every other firm using the platform).
What about companies that aren't in Tally? QuickBooks, Zoho, BUSY, Marg?
All supported. The column auto-detector recognises the TB layout from Tally Prime, Zoho Books, QuickBooks Online, BUSY Accounting, Marg ERP, and generic Excel/CSV TBs in over 20 column-naming conventions. If your client uses a system not listed, export to Excel with debit/credit columns and the generic parser handles it.
Is the workbook usable as the auditor's working paper?
It's a draft for management's adoption. The audit team will use it as the basis for substantive testing, vouching the SUMIF totals back to the underlying ledgers. Once management approves the figures, the audit team marks the FS as final for opinion-formation purposes.
What if I disagree with a classification?
Override it in the UI before generating the Excel. The platform tracks per-tenant overrides, so the next time that same ledger appears (in the same engagement, the next year's engagement, or another client's TB), it will use your override automatically. Your firm builds a private classification library over time.
Related
From trial balance to a Schedule III draft workbook — in one upload.
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