IRIS Autumn 2019 Release v19.3

Overview

The IRIS Accountancy Suite Autumn release Version 19.3 includes significant performance and efficiency gains including enhanced import and export of MTD data and new accounts formats. It also includes enhanced reporting within our tax suite to make those complex clients even easier to manage.

• IRIS Accounts Production
• IRIS Company Formations
• IRIS Business Tax
• IRIS Personal Tax
• All Tax
• IRIS Practice Management
• IRIS Time & Fees

IRIS Accounts Production

Annual Community Interest Company (CICs) Report and Accounts

It is now possible to generate accounts for Community Interest Companies. These will include the CIC34 form to submit alongside the financial statements. Accounts will follow the same format as those prepared for standard Limited companies with the option of including the additional CIC34 form in either the simplified or detailed layout, as required.

Importing GP Accounting Data from KashFlow

KashFlow recently introduced a new chart of accounts specifically aimed at doctors (GPs). To ensure Accounts Production stays fully integrated with KashFlow, it is now possible to import the trial balance of your doctor clients straight into Accounts Production and amend any mapping to allow for fast imports.
Drill-down into KashFlow to enable edits at a transactional level is also included, as it is for all client types, ensuring your primary records are always up to date.

Automatic Roll Forward of Data Screen

When creating your next post file, you will now benefit from the Data Screens automatically being rolled forward as part of the process, ensuring key disclosure automatically remains from one period to the next.

Accounts Production – Legislation

IRIS Accounts Production has been updated for all the latest legislative changes including:

• Pensions SORP update
• FRC taxonomy update 2019
• IFRS 16 – Leases
• ICAEW Audit Report update – Basis for Opinion – FRC ethical standards note reference

IRIS Company Formations

You will now get notification from the software when formation credits drop to 5 or less, avoiding that distraction of purchasing more credits when required to form a company at short notice.

IRIS Business Tax

Enhanced Research and Development

A new R&D hub has been added for Limited companies with periods ending after 01/04/2019. Simplified data entry and increased automation of figures means completing R&D claims for your clients has never been easier.

Capital Loss Restriction

For accounting periods ending on or after 1st April 2020, Limited companies will only be able to offset 50% of their carried forward capital losses against their gains. The losses data entry has been updated to cater for this and will automatically calculate the maximum amount of losses that can be claimed in an accounting period.

IRIS Personal Tax

Allocation of Allowances and Deductions

The tax computation has been updated to give you the option to include a breakdown of which income types your clients allowances and deductions have been allocated against. New data entry also gives you the flexibility to adjust where allowances and deductions are utilised.

All Tax

Tax Legislation and Annual Updates

• Updated Dividends databases
• Updates to cater for latest HMRC Specials & Exclusions

IRIS Practice Management

Client’s now have fields to specify the date you started acting for them and the date of termination. This will allow you to easily confirm which clients you are currently working for and also see which ex-clients are reaching the data holding threshold ready for deletion.

IRIS Time & Fees

We have enhanced the procedure of posting expenses by including a feature to bulk post them. If you have posted expenses to any 3rd party software (such as an accounting package), you can now import those postings in bulk, direct from a csv file.
We have also updated the way Credit notes are posted to a line by line basis. This means that you can give them a breakdown on VAT/nominal code and have that displayed on your exported document. In addition, the Export Postings screen has been enhanced to include more filters for exporting.