How to export XBRL from Excel?

Transforming Excel data into XBRL format is essential for regulatory compliance. XBRL (eXtensible Business Reporting Language) ensures financial data is standardized, making it easier for regulatory bodies to analyze. Here's a quick summary of the process:

• Prepare Your Data: Organize Excel sheets to align with XBRL taxonomy (e.g., balance sheets, income statements). Use Excel tools like data validation and Power Query for quality checks.
• Choose Tools: Use Excel add-ins like Altova (EBA-compliant) or XBRLAnalyst (for SEC filings). External platforms like DORApp can handle complex needs like bulk processing.
• Export Steps:
  1. Validate data using built-in checks.
  2. Map data to taxonomy elements.
  3. Export XBRL files via add-ins or external tools.
  4. Perform final validations to ensure compliance.

Quick Comparison:

Exporting XBRL from Excel combines proper data preparation, the right tools, and thorough validation to meet compliance requirements. Follow these steps to ensure accurate submissions.

Converting Excel Data to XBRL - Demo

XBRL Basics for Regulatory Compliance

Grasping the essentials of XBRL is key for navigating regulatory compliance in today’s digital reporting world. As a mandatory format for financial reporting, XBRL ensures data is submitted in a consistent way across major regulatory systems.

XBRL Format Overview

XBRL uses a structured format (taxonomy definitions, instance documents, and contextual linkbases) that allows financial reports to be processed automatically. This is especially important under regulations like ESMA’s 2021 requirement for EU issuers. With over 15,000 EU issuers submitting reports in XBRL each year, Excel users increasingly need tools to convert their data into this format. Excel is a natural fit for this task, as financial teams can directly map spreadsheet data to XBRL components.

Excel in XBRL Reporting

Excel plays an important role in bridging traditional financial workflows with XBRL reporting needs. For instance, the EBA XBRL Add-in allows users to generate reports directly from Excel, a feature utilized by 78% of EU banks for regulatory submissions ^[2].

Modern Excel tools simplify this process by automating taxonomy mapping, running real-time validation checks, and ensuring data consistency. These features are especially helpful during the final export stage, reducing the risk of submission errors.

Setting Up Excel Data for XBRL

Data Structure Requirements

To get your Excel data ready for XBRL reporting, start by organizing your workbooks effectively. Use separate sheets for different report sections (like balance sheets or income statements) and ensure the columns are consistent with the concept labels defined by the XBRL taxonomy. This setup makes mapping during the export process much smoother.

Highlight parent-child relationships within your data using Excel's indentation or grouping features. Make sure these relationships align with your taxonomy. Adhering to standards from organizations like the European Banking Authority (EBA) or the European Insurance and Occupational Pensions Authority (EIOPA) is crucial to meet compliance requirements.

Data Quality Checks

Before exporting, run thorough checks to avoid submission issues with regulatory bodies. Here are some key steps:

Automated Checks:

• Use Excel's built-in data validation tools to confirm correct data types.
• Create custom formulas to verify internal consistency across your data.
• Apply conditional formatting to flag any irregularities.
• Leverage Power Query for more advanced data transformations and cleaning.

Version Control:

• Keep track of taxonomy versions to ensure alignment.
• Maintain a history of your templates for reference.
• Test your data's compatibility with any updates or changes in requirements.

After completing these checks and validations, you'll be ready to export your data using the appropriate tools.

XBRL Export Options from Excel

Once your data is validated, the next step is choosing an export method that fits your regulatory needs and team size.

Excel XBRL Add-Ins

Excel add-ins simplify XBRL reporting directly within the spreadsheet environment. XBRLAnalyst focuses on SEC reporting with tools integrated into an Excel ribbon, while Altova's add-in caters to EBA-compliant exports. This is especially useful for the 78% of EU banks that rely on Excel for submissions ^[2].

External XBRL Tools

For teams handling multiple taxonomy versions, external tools bring added functionality. Cloud-based platforms like DORApp streamline XBRL generation while adhering to EBA/EIOPA standards. These enterprise solutions, priced at 200 EUR per user per month, offer features such as:

• Role-based user access
• Complete audit trail of changes
• Automated XBRL report generation
• Data quality review mode
• User friendly data input through forms
• Extensive data import & management
• Data enrichment from public sources
• Secure access all over the world

These options cater to varying needs, from straightforward add-ins to more advanced external platforms.

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XBRL Export Instructions

Tool Setup Guide

If you're using the Altova solution mentioned earlier, here’s how to get started:

• Download and install the add-in with administrator rights.
• Enable the add-in through Excel's "Add-Ins" menu.
• Set up document properties using the EBA Filing Pane.

This setup aligns the tool with the required data structure standards.

Export and Testing Steps

1. Pre-export Data Validation
   The add-in will automatically check your data against the latest filing rules.
2. Mapping Verification
   Double-check the following:
   • Financial values match the source documents.
   • Reporting periods and entity codes are accurate.
   • Measurement units are correctly assigned.
3. Generate XBRL Output
   Once everything is validated, you can generate the XBRL file:
   • Use the "Export XBRL" button in the tool's ribbon interface ^[2].
   • Select the taxonomy that corresponds to the reporting period.
   • Choose where to save the XBRL file.
4. Final Validation
   Perform these final checks to ensure the file is ready for submission:
   • Verify all calculations are accurate.
   • Ensure nil values are handled correctly.
   • Confirm the context settings are aligned.

Common Export Problems and Solutions

Exporting XBRL from Excel often comes with technical hurdles that can affect filing accuracy. According to XBRL US, around 30% of XBRL filings include avoidable mistakes ^[2]. These issues typically arise during the final export stages, even after careful data preparation.

Dealing with XML Errors

XML errors are a common challenge during export and need quick resolution. Here are the most frequent problems and how to address them:

Invalid Element Structure
Improper formatting of elements is a leading cause of XML errors. Follow these steps to ensure your Excel data is correctly formatted:

• Use element names that start with letters or underscores, and ensure tags are nested properly.
• Stick to UTF-8 encoding throughout your file.
• Double-check that taxonomy references are accurate.

Calculation Issues
To avoid calculation-related errors:

• Review all calculated fields for accuracy.
• Check decimal places and rounding rules.
• Ensure consistent unit types across related calculations.

Taxonomy Version Alignment

Errors related to taxonomy versions can also disrupt successful submissions. Staying aligned with the correct version is essential.

Steps for Quality Assurance
Before completing your export:

• Address all warnings flagged by your XBRL tool.
• Test your file using the SEC's EDGAR system.
• Verify that all contexts are properly aligned.

Summary

Let’s recap the key steps for generating XBRL files from Excel while overcoming common challenges.

Exporting XBRL from Excel depends on well-organized data and reliable conversion tools. Success starts with careful data preparation and choosing the right tools for the job.

Key Components for Effective XBRL Export

Choose tools that handle taxonomy alignment and validation automatically. For example, the EBA-compliant Altova add-in is a solid option ^[2]. Using the right tools ensures accurate data mapping and compliance with regulations during the export process.

What to Look for in Tools

When selecting tools, prioritize features like:

• Automated validation checks
• Real-time updates for taxonomy changes
• Detailed error detection
• Smooth and reliable data mapping

Validation Workflow

A clear and structured validation process is crucial for creating XBRL files ready for submission. Before submitting, ensure your final XBRL files pass all automated checks outlined in the Export Instructions.

FAQs

What is XBRL in Business Central?

XBRL in Business Central allows businesses to generate standardized XBRL instance documents directly from their financial data within Microsoft's business management system. This feature helps organizations meet regulatory reporting requirements while ensuring their data remains accurate. Often, this process includes exporting data to Excel for final adjustments, which aligns with standard XBRL workflows.

Here are some key features:

• Direct Integration: Automatically maps financial data from Business Central to relevant XBRL taxonomy elements.
• Validation Tools: Includes built-in checks to ensure compliance with XBRL standards ^[3].

For businesses using both Business Central and Excel, here's how they work together:

Important Note: While Business Central has built-in XBRL options, many businesses export data to Excel for more control over adjustments before submitting reports. This approach combines the reliability of ERP data with Excel's flexibility ^[3].

Pro Tip: Keep taxonomy mapping consistent across both platforms to avoid discrepancies in regulatory reports ^[3].

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