Features List v17.3.0
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 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.
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
IRIS Accounts Production
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.
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.
Other enhancements include:
- Trial Balance Import
- Management periods Import
- Enhanced Accounting Data Import process
- New data screen options
- FRS Enhanced options
IRIS Accounts Production 17.3.1
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.See more detail
IRIS Practice Management
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.
Other enhancements include:
- New screen for viewing and posting timesheets
- New search criteria
- New screen for viewing invoices for multiple clients
IRIS Anti - Money Laundering 3.8
IRIS AML utilises Know Your Client (KYC) and AML searches supplied by GB Group. GB Group are upgrading the security cryptographic protocol that they use to a new version (TLS v1.2) from Monday 22nd January to enhance their security even further ahead of the new GDPR regulations that are taking effect from 25th May 2018. In order to continue to benefit from these searches within IRIS AML, you will need to update to the latest version 3.8. This update also includes the great new features from v3.7 highlighted below
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. Also included are additional features to improve user productivity.
- Policies and Procedures functionality - allowing the users to add a review date and track the history of changes.
- New Active Client option - the ability to specify the status of the clients.
- Ceased On date field - for Politically Exposed Persons.
- New Destroy Date fields - with the option to retain records and give a reason why.
- Risk Assessment Wizard questions now include Enhanced Due Diligence and Know Your Client questions.
- New Risk Profile Review wizard when amending the Client Review Date.
- New Bulk Client Update Wizard option.
- New Client Deletion Wizard option.
- Client Filter is retained between sessions
IRIS 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 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 allowance for property and trading income
- Move electronic submissions to a new HMRC Gateway
- HMRC tax calculation errors preventing Tax Returns from being filed online will be resolved
IRIS Help Centre
With the Autumn release comes the launch of a new look IRIS Help Centre. The re-designed Welcome page now makes it faster and easier to find the information you're looking for.
All product help is now grouped by subject/type giving you visability of all the topics available for a given task or function in one place saving you time.
The Welcome page also gives you access to the latest release information and Help Centre content updates.
To see the full contents of the IRIS Accountancy Suite Summer (17.2.0) release click here
To see what's new in the IRIS Accountancy Suite Spring (17.1.0) release click here
We have also simplified our release version numbers, more detail on this can be found here
Making Tax Digital
One of the challenges you will face in preparing for MTD is establishing which of your clients are affected and then communicating with them about what it will mean for them. To facilitate this, IRIS Practice Management Data Mining has been updated to enable the search for clients with gross trading income and gross land & property income with a turnover above the VAT threshold.
IRIS Personal Tax
The summer release included functionality to cater for the new restriction of finance cost relief for individual landlords. From 6 April 2017 onwards the relief for finance costs is being gradually restricted to the basic rate of income tax. In the 2018 tax year 75% of the finance cost incurred can be deducted from the property income with the remaining 25% being available as a basic rate reduction.
Time & Fees
It is now easier than ever to access the detailed WIP write out of an Invoice or distribution of WIP written back for a Credit note. Simply select the document, right-mouse click and select 'View Detailed W/O'.The Billing History Widget has been enhanced to help you quickly drill-down to the actual posting or its additional information. Simply double click an item to view the Fees Ledger Posting.