Features List v18.1.0
Release Overview
The IRIS Accountancy Suite Spring release continues our roll out of Making Tax Digital functionality along with a range of new functionality to handle and ensure you can stay ahead of the new General Data Protection Regulations (GDPR) that come into effect from 25th May 2018. It also includes further compliance improvements including additional detailed reports for FRS 105 and encouraged disclosures for ‘filleted’ accounts. We have also continued to roll out user experience improvements and of course all the required legislative updates including all the latest rates and allowances for tax.
Client Browser – user experience/interface modernisation
Following the positive feedback on enhancements to Time & Fees, we have now updated the user interface to increase productivity when searching and selecting clients. As one of the most often performed activities across the whole Accountancy Suite this should bring significant efficiency gains. We have created a completely new screen for the client browser with new filters and usability features that will help you find clients quicker than ever. It also displays more pertinent client information eliminating the need to open client maintenance. We have also added the ability to select favourite clients and see a list of recently viewed clients all to speed up client selection. We have also included the ability to quickly filter by manager and partner directly on the main screen. The screen remembers the size of the window and columns as well as the columns order so you can customise the display to your preference.
For more information on the latest features and enhancements, click here.
General Data Protection Regulations
At IRIS we are taking GDPR very seriously and have been working on GDPR readiness for 18 months reviewing processes at an organizational, divisional and departmental level as well as analyzing each of our products and services. This April release includes a number of enhancements to the storing and movement of personal data throughout the software and when submitting to HMRC and Companies House to ensure that you have everything you need to be compliant. Our work will continue as we add enhancements for handling and managing the data you hold.
For more detail on the latest features and enhancements, click here.
IRIS Accounts Production
FRS 105 – Micro entity accounts
Detailed balance sheet
Micro accounts are great for fast, efficient compliance with minimal disclosure but not so good for understanding the business performance or securing finance. Our April release looks to help with a new detailed balance sheet that is now available to attach to Micro entity accounts. This will give further detail to the balance sheet figures for management and explanatory purposes and help you with any clients needing to present more information i.e. those looking to secure loans etc.
Enhanced FRS 102 – Statement of Changes in Equity
Section 6 of FRS 102, sets out the requirements for the disclosure in the Statement of Changes in Equity including separately disclosing changes. Following customer requests, this area has been enhanced to allow more choice to disclose information relevant to the particular situation. Specifically:
- Any decrease in called-up share capital is now shown on a separate row to Share issue, for example Share buyback’s
- More flexibility with regard to reserves i.e. allowing the split of additional items and the inclusion of other items within reserves, in the order most suitable for the company
- The ability to alter the sub totals, allowing all possible options from FRS 102
IRIS Accounts Production
Filing charity accounts electronically at Companies House
You can now file charity accounts electronically to Companies House removing the need for printing, envelopes and postage making the process fast, efficient and economical.
IRIS Accounts Production
Other enhancements
- Statutory information note
- Option to include individual components within “filleted” accounts
- Lead schedule to be included with prepayments and accrued income
- Dormant accounts (to the registrar) under FRS 102 – Regulations 2015
- Detailed/Trading profit and loss account
- Working papers to link to IRIS Docs via Communications Tracking
- Practice Note 15
- Auditor updates
IRIS Company Secretarial
Client Data Review Report
With the introduction of form CS01 replacing the annual return and only showing changes, it can now be difficult to get a complete view of what is on the public record for your clients and how that will change following submission. We have now added a new option for a Client Data Review that enables you to quickly compare the data held within IRIS for a company or LLP to the corresponding data held at Companies House highlighting any differences for correction. A report can then be produced to ask clients to check everything is correct before the Confirmation Statement is submitted to Companies House.
IRIS Company Secretarial
Electronic filing of mortgages and charges
The Mortgages and Charges forms can now be submitted electronically rather than relying on post, saving time and money and ensuring a full audit trail of the submission.
Additional enhancements
When submitting forms to Companies House for both Directors and Persons of Significant Control a new check is in place to verify the entered Country of Residence will be accepted.
The Employment-related securities (ERS 2018) form has been updated to allow submissions to HMRC, for the tax year 2017-18, before the 6th July deadline.
IRIS Personal Tax
Making Tax Digital
Our Spring release continues our work with the HMRC pilot for voluntary filing and allowing you to get to grips with quarterly filing under MTD.
Our autumn 2017 release saw the roll out of Making Tax Digital functionality allowing you to quarterly file trading and land and property data and work with your clients to familiarize yourself and them with the new process of communicating with HMRC. Our Spring 2018 release continues this work by improving the workflow in the Digital Tax Hub and preparing the functionality required for End of Period Statement submissions ready for when HMRC go live with this API.
IRIS Personal Tax
Pension Contribution warning
We have added an exception report into Personal Tax which will warn you when a client’s pension contributions exceed their net relevant earnings. This will help prevent incorrect submissions of data that is not allowed by HMRC.
Property and Trading Income Allowances
IRIS Personal Tax has been updated to include two new allowances of £1,000 each for the 2018 tax year. Claiming either of these allowances means that property or trading profits for the year will be calculated by excluding all expenses and deducting up to £1,000 from the income. It is possible for an individual to claim both allowances, but each allowance is per income type and not per property/trade.
IRIS Business Tax
Northern Ireland Rate of Corporation Tax
In preparation for the introduction of the Northern Ireland Corporation Tax Rate; IRIS Business Tax has been updated to include the new CT600G data entry screen. This screen has been designed to enable you to easily split the profits and deductions using pre-defined percentages or allocated specific amounts for each item.
All Tax
Residential Finance Costs
From 6 April 2017 Landlords will no longer be able to deduct all of their finance costs from their property income to arrive at their property profits. They will instead receive basic rate reduction from their income tax liability. This restriction is being gradually introduced from 6 April 2017, IRIS has been updated to cater for this restriction automatically across all property income sources so you can continue to enter the expense as normal and we have introduced a report in Personal Tax to show how the reduction and restriction has been calculated.
IRIS P11D
Optional remuneration agreements
IRIS P11D has been updated to cater for car benefits that are provided as part of an optional remuneration agreement. This includes incorporating a new car benefit calculation using P11D Working Sheet 2b.
Legislative Updates
Tax Legislation and annual updates
- Updated Dividends and RPI databases
- All the relevant reports, forms, calculations and rates for the 2017/18 tax year
- Updates to cater for latest HMRC Specials & Exclusions
- Updates to SA100, SA700, SA800, SA900 and CT600 forms
- Updates to P11D, P46(Car) and P11D(b) forms
- Update to use HMRC latest schemas
- Updates to Capital Allowances
General enhancements
Bulk delete clients
To assist tidying up the long lists of clients stored within the Accountancy Suite a new option to delete multiple clients is available. Under GDPR personal data shall not be kept for longer than is necessary for the purposes it was obtained for, this feature offers practices a quick way to remove a number of ex-clients in one go.
Client creation audit trail
Our Spring release also includes enhanced client creation now with an audit trail to make it very easy to find out who created the client and when.
Staff Control Panel
For quick easy reference, we have now added a Scheduled Completion Date column to the Jobs tab on Staff Control Panel.
IRIS CRM
We have enhanced the integration of IRIS CRM with Practice Management. All new clients from CRM will now automatically be created in IRIS.
IRIS Time & Fees
We have added new columns to Fees Account Display to display the matched amount and outstanding balance for each invoice. It would also show the matched and unmatched amounts of the receipts.
IRIS OpenSpace
IRIS OpenSpace now includes e-Signatures, allowing you to request client approval from multiple people with an electronic signature within any organisation
Your clients can add their signature using draw, type or upload an image of the signature to approve the document.
IRIS OpenLearning
As part of the Spring release we are delivering new online learning courses that offer training on some of the new features recently delivered in the IRIS Accountanncy Suite.
The key learning delivered by our OpenLearning product includes:
- IRIS Connector
- Electronic Filing of Charity Accounts
- IRIS Time & Fees – UI/UX
- Bulk Job Assignee
- Client Browser – filters and usability
- IRIS OpenSpace
- IRIS Business Tax
- IRIS Personal Tax
All new courses come with supporting How to Guides and scripts, viewable at the same time as watching the video and downloadable for future reference.
To see the full contents of the IRIS Accountancy Suite Autumn(17.3.0) release click here
To see what’s new in the IRIS Accountancy Suite Summer (17.2.0) release click here
We have also simplified our release version numbers, more detail on this can be found here
Making Tax Digital
Our Autumn release continued to roll out Making Tax Digital functionality allowing you to quarterly file trading and land and property data and work with your clients to familiarize yourself and them with the new process of communicating with HMRC. This will enable you and your clients to join the HMRC beta programme and ensure you are ready for the forthcoming mandation whilst keeping you ahead of your competitors. Our data mining enhancements will also allow you to quickly and easily find your affected clients to enable your efficient client communication.IRIS Connector
IRIS Connector allows imports from a wide variety of products including direct accounting data imports from all the major cloud bookkeeping providers and improved CSV imports to ensure you stay ahead irrespective of the source data you receive from your clients.Time & Fees
The Client Billing Decision screen in Fees has been enhanced with the ability to preview an invoice prior to posting. The invoice document can now be generated without making a posting to the ledger and can be further submitted in draft for approval. We have also simplified the workflow of posting the invoice to make it quicker to print the invoice after the posting and enhanced the interface to remember any changes to column sizes and order in the Client Billing Decision screen.
In Auto Billing the description field is now being displayed on the batches review screen to make it easier to differentiate the batches.
