Business Tax- Invalid Data Entry: Franked Investment Income, the value is invalid or 3001 4085 4052

ias-12647

Business Tax- Invalid Data Entry: Franked Investment Income, the value is invalid or 3001 4085 4052

27th November 2017

IRIS Business Tax, IRIS Business Tax – AiB

IRIS Business Tax- Receiving error 3001 4085 4052: Invalid Data Entry | Franked Investment Income | the value is invalid according to its data type, the pattern constraint failed.

It may also show as error 3001 4085 4052. This is linked to a franked investment entry with penny values.

Please do the following to resolve this issue in Business Tax

NOTE: If you have several periods/CTAP, eg 1st and a 2nd period/CTAP which all have a franked investment entry then you need to apply this separately for each affected period/CTAP : –

1.Load the client and affected period – go to Edit in the top left-hand corner

2. Business Tax Accounts

3. Double click on Franked Investment Income

4. Highlight and Delete the 114 entry (Warning: This is the commonly used code for Franked Investment BUT you must double check if you have another code used for Franked Investment Income in AP like 110, 112 etc so if they are used then delete these other codes in BT as well)

5. Close from the Business Tax Accounts screen

6. Go to Data Entry in the top left-hand corner 

7. Go to Calculation

8. Indicators

9. Select the correct Corporation Tax

10. Edit next to Box 620

11. Double click on FII Adjustment

12. Enter the amount of Franked Investment Income (in whole pounds ONLY) in the Franked Investment Adjustment for the CTAP and close the screens – also there cannot be any negative figure. This is a HMRC restriction

13. Close the Indicators screen

14. Change clients and come back to original client to refresh the system

15. Go to Edit in the top left-hand corner

16. Postings

17. Trade Income Disallowed

18. Specific Posting

19. Click Insert on the bottom right hand of this window

20. Choose Income Type as Franked Investment Income

21. Enter the description as Franked Investment Income

22. Enter the amount (in whole pounds)

23. Enter the date as the start date of the affected CTAP period

24. Click on OK

25. Click Close on Posting screen

26. Once all the above is completed for all affected periods and the figures are correct on the CT600 and Tax computation. You will need to regenerate the Electronic Tax return.