How to Generate a Financial Statement

What does the seven-step wizard do?

Luca generates financial statements through a seven-step wizard. Each step collects only the information needed, and most of the work is automated. A first-time entity typically takes around 30 minutes to complete. Returning users, whose account mappings and entity details are already saved, finish in around 5 minutes.

This article provides a high-level walkthrough of the full process. Each step links to a detailed support article for further guidance.

What are the seven steps?

The table below summarises what each step does, whether it is required, and how long it typically takes.

Step	What it does	Typical time
1. Enter UEN	Auto-fills company details from ACRA	30 seconds
2. Review entity details	Confirm company info and set FY dates	1–5 minutes
3. Upload data and adjustments	Upload TB/GL and enter optional desktop adjustments	2–5 minutes
4. Map accounts	Review AI-suggested account mappings	5–20 minutes
5. Input disclosures	Fill in prompted disclosure fields	2–5 minutes
6. Directors	Enter director details or sync from ACRA	2–5 minutes
7. Generate	Click Generate and download the .docx file	30 seconds

Account mapping (step 4) is the most time-intensive step on a first run. In subsequent financial years, Luca reuses your previous mappings — only newly added accounts need attention, reducing this step to under a minute.

How do I enter the company's details?

Start by entering your company's Unique Entity Number (UEN). Luca auto-fills your company name, address, and other details.

This saves you from entering company information manually and reduces the risk of typos.

How do I upload my trial balance and general ledger?

Drag and drop your trial balance and general ledger files. Luca accepts four file formats: .xlsx, .xls, .xlsm, and .csv. You can upload raw exports directly from your accounting software — no reformatting is needed.

Luca automatically cleanses your data. For step-by-step instructions, see How to Use the File Upload Function.

How do I enter desktop adjustments?

If you need to record adjusting journal entries — such as accruals, provisions, or reclassifications — you can enter them at this step. Desktop adjustments are optional, so you can skip this step if no adjustments are needed.

Each entry must balance (total debits must equal total credits) before you can proceed. For details on creating and managing adjustments, see Desktop Adjustments.

How does account mapping work?

Luca's AI analyses your account names and codes, then suggests how each account maps to a standard chart of accounts. You review the suggestions.

Account mapping is a one-time effort per entity. Once mapped, your accounts stay mapped. In future financial years, only newly added accounts require attention — Luca highlights these so you can address them without reviewing the full list.

What disclosures does Luca prompt for?

Luca identifies the disclosures required by your reporting framework and prompts you to provide the necessary information. The system determines which disclosures apply based on the standards relevant to your financial statements, following SFRS or SFRS for Small Entities requirements.

You only need to fill in what is prompted. Luca handles the formatting and placement of each disclosure in the final document.

How do I enter director details?

For Singapore entities, Luca offers an optional ACRA sync that populates director information automatically from the public registry.

How do I generate and download the finished document?

Click Generate to produce your financial statement. Luca compiles the data from all previous steps and generates a complete, standards-compliant Word (.docx) file in roughly 30 seconds.

Once generation is complete, you can download the file directly from the wizard. The first successful generation for an engagement will consume credits based on the accounting standards applied. For more details, see Understanding Credits.

What can I do after downloading?

After downloading your financial statement, you can:

• Open the Word file in Microsoft Word to review or make manual edits if needed
• Return to any step in the wizard to make changes and regenerate

Luca saves your entity data, account mappings, and director details. When you return for the next financial year, most of the setup is already done — most returning entities complete the entire process in around 5 minutes.