IRIS Autumn 2019 v19.3 Full Features

Overview

The Autumn 2019 release of IRIS Accountancy Suite v19.3 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
• IRIS VAT Filer
• IRIS Practice Management
• IRIS Time & Fees
• IRIS OpenSpace

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 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. Where possible we have pre-populated the form however, the use of data screens gives you overall control of the data displayed. If continuation pages are required, then the system will automatically create these.

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.

FRC Taxonomy update 2019

We have updated to the latest Taxonomies released by the FRC for 2019. This will give you the most up to date iXBRL efiling for Companies House and HMRC.

Legislation

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

• Academies Accounts Direction 2018/19
  • Updates to Academies, to accommodate the recently released Academies Accounts Direction 2018-19. This was added in the 19.2.0 release but worthwhile mentioning again.
• Pensions SORP update
  • The Pensions Research Accountants Group (PRAG) published Pensions Statement of Recommended Practice (SORP) 2018. The revised SORP must be applied for accounting periods commencing on or after 1 January 2019 and may be adopted early.
  • Pensions SORP 2018 reflects amendments to FRS 102 and legislation made since the previous SORP was published in 2015, along with changes resulting from the triennial review of FRS 102.
  • New account codes have been added to support the disclosure requirements for Repurchase and Reverse Repurchase agreements. New data screens have been added and the relevant accounting reports have been updated including any appropriate error/warning messages.
• IFRS 16 – Leases
  • IFRS 16 specifies how to recognise, measure, present and disclose leases. The effective date is for periods starting on/after 01/01/2019 with early adoption only permitted if the entity is also applying IFRS 15.
  • We have updated the International Accounting Standards (IAS), FRS 101 and Group modules to support the introduction of IFRS 16.
  • New account codes and data screens have been implemented to provide the relevant disclosure to the Profit and Loss Account, Balance Sheet and supporting notes. Reports have been updated accordingly.
  • Where possible items have been pretagged for iXBRL efiling purposes. Other areas are taggable.
  • Interactive reporting giving you the benefit of drill-down to the underlying data.
  • Lead schedules have been updated accordingly.

IRIS Company Formations

Credit level warning

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

IRIS Business Tax

Enhanced Research & 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.

Captial 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.

Northern Ireland Rate of Corporation Tax

The basic and enhanced computations have been updated to reflect the Northern Ireland rate of corporation tax.

Partnerships with a turnover exceeding £15 million

Box 3.73 on the Partnership return is now being completed for businesses with turnovers exceeding £15m; this stops pre-filing error: The amount in box [3.73] must equal [3.65] + [3.69] – [3.72] from appearing.
You are required to regenerate any affected returns in order to file the returns online.

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.

Excluded Income Calculation for Foreign Dividends

Foreign Dividends are currently being incorrectly included in HMRCs excluded income calculation. The IRIS calculation has been updated to remove these. Any returns for non-resident clients that have foreign dividends will need to be filed on paper.

Ministers of Religion with Car Benefits

An issue has been fixed where the software would crash when adding car benefits to a minister of religion.

Foreign Property income

Box 30 on the Foreign Property pages is now being completed correctly, this stops pre-filing error 8571: [FOR30] should be present if [FOR30F] from appearing.
You are required to regenerate any affected returns in order to file the returns online.

VAT Filer

Charities and ‘other’ business types

It is now possible to select charities and ‘other’ business types within VAT Filer and complete/submit these returns to HMRC.

IRIS Practice Management

The Client Maintenance screen has been updated to record ‘Client start date’ and ‘Client terminated date’ under the Categories tab. This can be filtered in Data Mining. Also, in the Client Browser screen, clients that have a Client terminated date entered, will appear in a new filter ‘Whole Practice – ex clients’. This filter can be used to Bulk delete.

In the Client browser screen, you can now filter clients by Attributes.

IRIS Time & Fees

Our October release brings a new Post Expenses screen giving quick and easy access to post expenses across multiple clients and importing expenses via CSV more efficiently than ever.

We continue to keep compliant with MTD. We have enhanced the Ad Hoc posting screen for Invoices and Credit Notes, so that postings can be exported correctly including nominal and VAT breakdowns. This also includes, Auto billing postings and Standing orders.

To complement this, we have updated the Export postings via CSV screen to include Credit notes, Receipts, Refunds, Write offs, Misc Credits and Misc debits, making it even easier to import to other book keeping software.

Also, Credit notes posting can now be generated in the On screen posting screen, making it easier and quicker to make postings.

IRIS OpenSpace

For added security, we have added a privilege to give access to staff members to the Client Reconciliation screen which allows the mapping of clients to OpenSpace.