IRIS Spring 2020 Product Update
Overview
In the Spring IRIS Accountancy Suite release 20.1 as well as keeping you compliant we have focussed on user experience improvements, such as Interactive Charity and Academy reports, enhancements to staff maintenance and a new online training platform designed to ensure you get the maximum return on your investment. We’ve made enhancements to the staff permissions to not only add more security, but to streamline the setup of staff members. With the new release you will now be able to clone staff members details and permissions to other staff members, speeding up the process when setting up new staff.
Accounts Production
Our new interactive charity and Academy reports allows you to edit client details, account descriptions, disclosures and notes and add, amend or cancel postings direct from the onscreen preview. The report output has been completely rewritten and significantly improves the speed and stability when generating final accounts and associated reports. During our quality assurance process, final accounts reports were on average 78% quicker to produce. The new reports also allow future report updates to be deployed more efficiently.
- ISA (UK) 570 Going Concern – New Data screens and corresponding report outputs have been included to comply with revised legislation.
- Charity SORP (FRS102) 2019: published in Oct 2019
- IFRS9 Financial Instruments: This reporting standard has now been included in our FRS101 template, new data screens have been added together with corresponding report outputs to support the disclosure requirements to the Income Statement and the Statement of Financial Position.
Companies (Miscellaneous Reporting) Regulations 2018 for accounting period beginning on or after 1 January 2019.
- Engagement with employees,
- Engagement with suppliers, customer and others
- Updated Strategic directors and trustees reports Section 172(1)
Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015: From 11th May 2020 mandatory notes and disclosure for statutory accounts comes into force for the Average number of employees for Small and Micro Entity companies for accounting periods starting on or after 1st January 2016. IRIS Accounts Production validations will now prompt for this information.
The report output now includes an optional non-statutory detailed Profit and Loss account to help explain and understand the financial statements.
The FRS105 accounts exception report now includes a reminder to include the average number of employees as this will be mandated by Companies House from 11 May 2020.
Within the Companies House Online comparison Service (CHOS) we have now included the confirmation statement made up date that can be imported into the software to help reduce rekeying of information.
TAX
Capital Allowance Enhancements: The capital allowances module has been updated to allow you to claim either Research and Development Allowance or Electric charge point allowance on your assets. 100% allowance will be claimed on assets with one of these options selected, our Tax computation has also been updated to reflect these changes.
- Updated Dividends databases
- Updates to SA100, SA700, SA800, SA900, R40, R185 and CT600 forms
- All the updated reports, calculations and rates for the 2019/20 tax year
- Updates to cater for latest HMRC Specials & Exclusions
- Updates to P11D, P46(Car) and P11D(b) forms
- Update to use HMRC latest schemas
- Updates to Capital Allowances
Privacy is an important aspect of people’s daily lives, and this applies to the work life as well. For this reason, we’ve added new permissions surrounding timesheet access, allowing administrators to block (or allow) staff members from viewing partners, managers and other staff members timesheets.
We have also updated our Engagement letter templates to bring them in line with current industry standards.
With the recent introduction of the AML5 directive we have made the following changes to IRIS AML:
- “Senior person” has been added as a new relationship type
- Added a “Report PSC Description” button that links directly to the Companies House online form
- Updated the policies and procedures
- New questions added to the risk wizard
