Full Feature List v11.8
IRIS Accountancy Suite Summer Release
IRIS Accountancy Suite v11.8 continues to keep you ahead of the latest legislative changes and includes all updates for the March 2015 budget, tranche 1 of the Small Business, Enterprise & Employment Act changes and the new Academies Accounts Direction 2015 (SORP 2005).As well as keeping you ahead of all the legislation v11.8 also includes the following new features:Advanced integration with KashFlow includingEnhanced import options for opening balancesDrill down from imported postings in IRIS Accounts Production to transaction level detail in KashFlowIRIS v11.8 also resolves a number of issues associated with IRIS Accountancy Suite v11.7 and earlier versions.
As well as keeping you ahead of all the legislation v11.8 also includes the following new features:
- Advanced integration with KashFlow including:
- Enhanced KashFlow Trial Balances within IRIS Accounts Production with the inclusion of opening balances
- Direct drill down to transaction level detail in KashFlow from within IRIS Accounts Production
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IRIS Accounts Production
Advanced KashFlow Integration
We have reduced the time spend to review bookkeeping transactions during the creation of final accounts by taking the integration between IRIS Accounts Production and KashFlow online bookkeeping to a whole new level.
When you first pass the client trial balance data from KashFlow to IRIS Accounts Production you will now be presented with the option to include opening balances from KashFlow depending upon whether the KashFlow “year End” process has been run thus ensuring there is no duplication of opening balance entries.
Once the KashFlow data is visible in IRIS you can now drill down from the entries within the posting screen directly to the transactional data within KashFlow where any amendments can be made directly in the source data. All changes are then immediately reflected within the IRIS posting ensuring any corrections are made once and reflected throughout both products as part of your seamless workflow. This will reduce the risk of errors and significantly improve the efficiency of producing the final accounts.
Academies accounts have been updated to follow the Academies Accounts Direction 2015 (SORP 2005) that applies for periods ending on or after 31/08/2015 for established trusts.
These changes are for established charities. The update for new charities incorporated after the 1/1/15 (SORP 2015) will be included in our October release.
New Charities Audit Thresholds
The government has increased the Charity audit threshold in England and Wales to an annual income of more than £1 million
IRIS has updated data screens and warnings to take this limit into account.
IRIS Company Formations
Small Business, Enterprise & Employment Act 2015
All updates required to comply with tranche 1 of the Small Business, Enterprise & Employment Act 2015 have now been made including the abolition of bearer shares.
Changes to Memorandum and Articles of Association
With effect from 26th May 2015 bearer shares are no longer allowed. There has been no amendment to Table A, however, we have altered the IRIS default wording to cater for this change.
The revised wording will be applied to Companies where the Memorandum and Articles of Association have not yet been electronically incorporated or finalised.
IRIS recommends any pending formations are completed/finalised before updating your software.
Note: To finalise documentation for companies not yet formed before installing the update go to Edit | Memorandum and Articles | Edit | Finalise Data.
Where users have amended the standard IRIS wording within Setup | Memorandum and Articles Defaults, the wording will need to be reviewed and updated to ensure it is compliant with any new legislation. You may need to seek advice from a solicitor to ensure your wording is legally correct.
Note: The accuracy and suitability of the data provided to Companies House is the responsibility of the person submitting the information.
IRIS Tax Solutions
IRIS Business Tax and IRIS Personal Tax have both been updated to cater for the latest rates and rules from the Budget 2015 including:
- UK oil and gas fiscal regime - rate reduction for supplementary charge
- Remittance basis charge changes
- Business turnover limit increased
In addition to the Budget changes the following updates have been made within IRIS Business Tax, IRIS Personal Tax and IRIS Trust Tax:
- Dividends Database updated to include dividends paid up to 5th April 2015
- Retail Price Index (RPI) updated
- Updates to the latest HMRC rules for online filing validation to reduce the risk of errors when submitting online
- Updated Trust and Estates form 41G
- Updated Form 50FS
- Updated R185 Forms
IRIS v11.8 also resolves a number of issues associated with IRIS Accountancy Suite v11.7 and earlier versions.
The issues resolved include:
IRIS Personal Tax
An error that occurred when trying to save a paper checklist to Word that had a high income child benefit entry has now been resolved.
- When in edit mode any sections that are not relevant to the selected client are no longer displayed.
- The filter in the status screen for when the checklist was last updated has been corrected so that the dates are now shown in order.
- There were some display issues in the last release in the Car Benefits section of the checklist; these have now been resolved.
- It is now possible to delete an e-Checklist from within Personal Tax for a client that has already been removed from OpenSpace, the “Failed to delete e-Checklist” message will no longer be displayed.
IRIS Business Tax
In some scenarios when there were multiple CTAPS in an accounting period the product was calculating a shadow ACT figure in the computation which was not valid, this has now been resolved.
The program will no longer produce an error on production of the enhancement computation for companies with multiple trades where one of the trades ceases prior to the start of the accounting period and there is a posting entry for charges on income allocated to one of the remaining trades.