Business Tax- Invalid Data Entry: Franked Investment Income, the value is invalid or 3001 4085 4052

ias-12647

Business Tax- Invalid Data Entry: Franked Investment Income, the value is invalid or 3001 4085 4052

27th November 2017

IRIS Business Tax, IRIS Business Tax – AiB

IRIS Business Tax- Receiving error 3001 4085 4052: Invalid Data Entry | Franked Investment Income | the value is invalid according to its data type, the pattern constraint failed.

It may also show as error 3001 4085 4052.

Please do the following to resolve this issue in Business Tax (if you get the message for several periods then you need to apply this separately for each affected period) : –

– Load the affected period – go to Edit in the top left-hand corner

– Business Tax Accounts

– Double click on Franked Investment Income

– Highlight and Delete 114 (This is a commonly used code BUT check if you have another code used for Franked Investment Income in AP like 110, 112 etc )

– Close from the Business Tax Accounts screen

– Go to Data Entry in the top left-hand corner 

– Calculation

– Indicators

– Select the correct Corporation Tax

– Edit next to Box 620

– Double click on FII Adjustment

– Enter the amount of Franked Investment Income (in whole pounds) in the Franked Investment Adjustment for the CTAP and close the screens – there cannot be any negative figure. This is a HMRC restriction

– Close the Indicators screen

– Change clients and come back to original client to refresh the system

– Go to Edit in the top left-hand corner

– Postings

– Trade Income Disallowed

– Specific Posting

– Click Insert on the bottom right hand of this window

– Choose Income Type as Franked Investment Income

– Enter the description as Franked Investment Income

– Enter the amount (in whole pounds)

– Enter the date as the start date of the affected CTAP period

– Click on OK

– Click Close on Posting screen

Once all the above is completed for all affected periods and the figures are correct on the CT600 and Tax computation. You will need to regenerate the Electronic Tax return.