Converting an Excel file into XBRL (eXtensible Business Reporting Language) involves several steps:
- Determine the taxonomy: Choose the appropriate XBRL taxonomy for your business and jurisdiction. XBRL uses a set of definitions, called a taxonomy, to define the types of data that can be reported and how they should be reported.
- Prepare the data: Ensure that the data in your Excel file is organized and structured in a way that can be mapped to the elements defined in the XBRL taxonomy.
- Choose an XBRL software: There are various XBRL software options available, both commercial and open-source, that you can use to convert your Excel file into XBRL.
- Import the data: Use the XBRL software to import the data from your Excel file. The software may automatically map the data to the elements defined in the XBRL taxonomy or you may need to manually map the data.
- Validate the file: Use the XBRL software to validate the file to ensure that it complies with the XBRL standard and the chosen taxonomy.
- Submit the file: Once the XBRL file has been validated, submit it to the relevant regulatory authority or exchange.
Note: The exact steps may vary depending on the XBRL software you use, so it is important to follow the software’s specific instructions. It is also advisable to consult a professional to ensure that the conversion is done correctly.