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How do I post Group Balances?

Article ID
ias-12213
Article Name
How do I post Group Balances?
Created Date
11th December 2015
Product
IRIS Accounts Production
Problem
How do I post Group Balances?
Resolution
Group balances should be posted to group 601, 611 & 621. Postings for each undertaking balance should be made to sub accounts on accounts 715-716, 719-720 & 723-724. Each sub account should be kept for the same undertaking in any of the group companies i.e. account 715/1 would be for the first subsidiary in all companies, 715/2 for the second and so on (the same sub account is used on each different client within the group). The descriptions of these accounts is picked up from the data screens and not the account numbers. Select Edit | Data Screens | Notes to Financial Statements | Balance Sheet Items | Creditors | Amounts owed by/to group undertakings etc. The balances on these accounts will be shown in either debtors or creditors depending on the balance on each sub account.

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