Full Feature List

Full Feature List v17.3.0

IRIS Accountancy Suite Autumn 2017 Release

Release Overview          

The IRIS Accountancy Suite Autumn 2017 release continues our roll out of Making Tax Digital functionality allowing you to join the HMRC beta programme and quarterly file trading and land and property data. It also includes our all new “IRIS Connector” that 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. It also includes a number of significant user experience improvements and legislative updates including all the latest rates and allowances for tax and the new tax allowance for property and trading income.

Making Tax Digital

Join the HMRC beta programme and get to grips with quarterly filing

Our Autumn 2017 release continues our roll out of Making Tax Digital functionality allowing you to quarterly file trading and land and property data and work with your clients to familiarise 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.

Enabling the MTD Beta

Once you have registered for MTD, have new clean credentials and are participating in the HMRC Beta, you will have:

  • Quarterly filing of trading and rental income (or more frequently if preferred)
  • Reports of periodic submissions for client approval
  • Communication tracking of submission reports
  • Tracking of clients’ quarterly obligations filing status
  • Ability to log when clients are subscribed to MTD
  • Data mining to enable the easy search for clients that are/are not logged as subscribed to MTD
  • Retrieval of trading and property data from HMRC direct into Personal Tax

 

Accounts Production

Our autumn release continues our mission to enable paperless digital accounts production and give you competitive advantage.

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.

Trial Balance Import

IRIS now includes full direct import from all the major cloud bookkeeping products including KashFlow, Xero, Quickbooks Online, and FreeAgent enabling you simple, efficient import of year-end figures, irrespective of the source data supplied by your clients. From survey responses and conversations at our events we know how useful this will be for you, particularly as you begin the transition to HMRC’s Making Tax Digital regime.

Management periods Import

With the increasing need to import management periods that will come with Making Tax Digital (e.g. quarterly or monthly for HMRC MTD filing), IRIS now allows management period imports from KashFlow, Xero and FreeAgent as well as final trial balance. This will enable efficient production of management accounts as well as allowing the figures to be used for quarterly (or more frequent) submissions to HMRC from within IRIS so you can track all filings irrespective of the source data.

KashFlow Integration enhancements

While IRIS Connector now enables import from a wide variety of products our seamless end to end integration with KashFlow is far superior. Here you can not only import the trial balance and now management period information from KashFlow, the transactions can also be reviewed from within IRIS Accounts Production, from either the interactive report or from the posting screen. Double clicking on any ‘posting’ seamlessly logs you into KashFlow and will show you the detail behind the figure at a transactional level. At this point you can make the amends directly within KashFlow. As you then close the screen it reminds you to ‘reimport’ the figures. This ensures both KashFlow and IRIS Accounts Production are up to date, streamlining the process of producing management or final year end accounts.

Enhanced Accounting Data Import Process

Our new improved CSV import process shows any accounts that require mapping clearly with a red border, you can also choose to filter the view to include only those that need to be reviewed and the process will only allow the import once appropriate account selections have been made. All account code mappings can be altered at the point of import and will then be stored for all following imports for that client.

New data screen options

Within IRIS we allow a range of report aliases for you to make bespoke changes to your accounting reports content. These report aliases e.g. FLY=FLO have now been replaced with data screen tick options, making it much quicker and easier to alter report layouts and present accounts as required.

Theses ticks are available at Default data screen level (Practice/Chart/Partner) and also Client level and include:

  • Front sheet / Flysheet
  • Company Information page

FRS Enhanced Options

Our early implementation and uncompromising focus on compliance has given you comprehensive coverage of FRS 101, 102 (incl. Section 1A) and 105 and has allowed us to provide you with regular enhancements to the process and flexibility of our FRS Accounts. Our Autumn release continues this with the following improvements based on customer feedback:

  • Statement of Income and Retained Earnings can be optionally selected, if relevant.

FRS 102 - Paragraph 3.18. If the only changes to equity during the periods for which financial statements are presented arise from profit or loss, payment of dividends, corrections of prior period errors, and changes in accounting policy, the entity may present a single statement of income and retained earnings in place of the statement of comprehensive income and statement of changes in equity (see paragraph 6.4).

This will apply to many small companies, allowing less disclosure and presenting the financial statements in a simpler format.

  • Groups accounts can now optionally display the parents cash flow statement as well as the overall group cash flow statement.
  • A new separate 'Critical accounting judgements and key sources of estimation uncertainty' note following the Accounting Policies.
  • A single statement of comprehensive income is now possible when there is no other comprehensive income, stopping at the row ‘profit or loss’
  • The average number of employees note now has the ability to have ‘nil’ employees.

Additional Efficiency gains

IRIS will now remember your report choices to improve the speed of report production. When running reports, a number of questions may be asked due to options set (or not set) on the data screens. When asked whether an accountants report, audit report, assurance report or none is required this will now be saved back to the data screen and will not be asked again. During the interactive report process, if the report is altered and needs to be refreshed, the previous answers will also be remembered to speed up the report generation process.

 

IRIS Accounts Production 17.3.1

Charities

The wording of the Independent Examiners report has been updated to comply with the ‘Independent examination of charity accounts: directions and guidance for examiners (CC32)’ for accounts signed on or after the 1 December 2017. This can optionally be applied for accounts singed before the 1st December.

FRS 102 First time adoption enhancements

A new accounting policy will appear for First year adoption when applicable. The wording will state: “These financial statements for the year ended [31 March 2017] are the first that are prepared in accordance with [FRS 102]. The previous financial statements were prepared in accordance with [FRSSE], the date of transition to [FRS 102] is [1 April 2016].”

FRS 102 Transition notes

The parent companies Reconciliation of Equity can now optionally be selected to show within the group accounts.

A simpler alternative layout can be selected for the Reconciliation of Equity and Reconciliation of Profit or Loss within the data screens, this will appear in the notes instead of as separate pages.

 

Practice Management

To improve efficiency when handling changes to staffing we have now added the ability to change Job Assignee in bulk in Job Planning. There is also an option to update the Job Assignee for all underlying job stages that were incomplete.

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.

We have also enhanced Fees with the ability to have multiple templates available for selection for the documents being posted. The user can now select the template for Invoices, VAT receipts and credit notes at the point of posting on both Client Billing Decision and ad-hoc posting screens. The system will display to the user all the templates from the folder where the default template is. It is easy to hide any unnecessary templates from the display by simply moving them to another folder that you chose to use for inactive templates.

The access to the template selection for the users is not activated automatically. A new privilege called ‘Can override Fees Document Template’ has been created in under Fees Ledger Privileges which need to be set for the users to grant them access to the multiple templates selection. 

New Workflows and User Interface enhancements

We know that user experience is an important part of any product and have been working hard on improving various elements to enhance how you use the IRIS products. One of the key areas you asked us to address was in IRIS Time & Fees and that has been a primary focus of this release.

We have completely redesigned the way to view and post the timesheets in Time. A new screen has been created that makes it easy to search for the timesheets, review them and post to the ledger. This new screen has a new refreshed look and feel and shows all important information for each timesheet without the need to open it. There is also a number of search criteria available including staff member, staff manager, staff partner, status of the timesheet and period. The fields staff member, manager and partner are multiple selection fields to make it easier to search for the timesheets for review. The user can either use standard selection form or input a list of staff IDs separated by comma.  Double clicking on the timesheet will open it for viewing and in order to reopen it the user need to press re-open button at the bottom. The user can also post selected timesheets to the ledger directly from this screen with a single click.

Another new screen with a modern look and feel has been added to Fees to provide you with a quick way to view the invoices for multiple clients. The screen has a range of filters available including dates, clients, client manager, client partner, invoice reference, outstanding balance to make it easy to find the invoices for review.  The reference field on the filter works as partial search and the user only needs to input any part of the invoice reference to quickly find the invoice.  And the filter fields client, client manager and client partner are multiple selection fields and the user can either use standard selection form or input a list of client of staff IDs separated by comma. 

 

IRIS Anti - Money Laundering 3.7

The new release of IRIS AML includes a number of new features to further simplify achieving AML compliance in line with the latest legislation changes brought about by 4th EU AML Directive implementation into UK legislation. There are also a number of features that will increase users productivity and make many tasks in the product easier.

Changes to Policies and Procedures functionality allows the users to add a review date and track the history of changes. There is now also an option to create staff training events when Policies and Procedures have been updated.

We have enhanced the client maintenance area of the product by adding the ability to specify the status of the clients using a new ‘Active Client’ option and added a new 'Ceased On' date field for Politically Exposed Persons.

There are new fields for Destroy date (delete records) with the option to retain records and supply a reason why. The system will also automatically prompt to delete clients on opening if Destroy Date has been reached.

Risk Assessment Wizard questions have been updated and now includes new ‘Enhanced Due Diligence’ and  there are new Know Your Client questions that are effective from 1st of October 2017. We have also added new a Risk Profile Review Wizard when amending the Client Review Date.

To increase users productivity we have added a new ‘Bulk Client Update Wizard’ option that will help update the Manager, Principal and Office of the clients in bulk and 'Client Deletion Wizard' option to the MLRO/Admin Functions window.

The client filter is now remembered between the sessions so the users will go back to the previously selected client list without need to set the filters again.

 

IRIS Help Centre
It's important that we continue to improve the user experience for all products and as part of the Autumn release we have launched a new version of the IRIS Help Centre.
The new Welcome page has been redesigned to make it easier and faster to find the content your looking for. Product help is now organised by type and subject meaning that articles related to a particular function or task can now be found in the same place. For example, you can now access all the topics relating to completing a tax returm in two clicks of the mouse. Quickly find your way back to the previous page using the <Back option or your browser back arrow. 
The Search field is still available to find all content relating to key words. The Search panel can be collapsed by clicking on the drawing pin above the search field.
Notification of the latest release and access to the What's New and Full Feature List content for the release can still be found on the welcome page as well as access to all the latest Help Centre updates; just click the View latest content updates option.

IRIS Help Centre

It's important to us that we continue to improve the user experience for all products and as part of the Autumn release we have launched a new version of the IRIS Help Centre.

The new Welcome page has been redesigned to make it easier and faster to find the content your looking for. Product help is now organised by type and subject meaning that articles related to a particular function or task can now be found in the same place. For example, you can now access all the topics relating to completing a tax returm in two clicks of the mouse. Quickly find your way back to the previous page using the <Back option or your browser back arrow. 

The Search field is still available to find all content relating to key words. The Search panel can be collapsed by clicking on the drawing pin above the search field.

Notification of the latest release and access to the What's New and Full Feature List content for the release can still be found on the welcome page as well as access to all the latest Help Centre updates; just click the View latest content updates option.

 

Legislative updates

Accounts Production

  • The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations, SI 2016/1245. This alters the section number allowing exemption of preparing group accounts, this will be updated in the accounting policy.
  • Ability to apply the term "Filleted" to Accounts Production (relating to Small company accounts submitted to the Registrar under Companies Act section 444) where relevant in the software. It is not an officially recognised term but is now widely used to describe the accounts that can be submitted to Companies House.

Tax Legislation and Business as Usual

  • Updates to RPI, Dividends and CO2 Databases.
  • Updates to CT600 and the latest taxonomy and schemas.
    • Business Tax has been updated to cater for the new rules around Corporation Tax losses brought forward, but the form changes have not been finalised by HMRC yet, so these updated forms will be included in a later release.
  • HMRC Specials and Exclusions.
  • New tax allowances of £1,000 can be used against trading income and rental income for periods starting on or after 6 April 2017. If income is below this new allowance, then the income does not need to be declared. IRIS has been updated to allow the user to specify whether or not the claim should be made. The £1,000 allowances are available across all trading income, not for each trade and across all property income, not for each property.
  • Move electronic submissions to a new HMRC Gateway.
  • HMRC tax calculation errors preventing Tax Returns from being filed online will be resolved.

Company Secretarial

  • Updates to PSC forms to allow for the additional information allowing notification of the date on which the details were entered onto the PSC Register.
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