Invalid Data Entry | Franked Investment Income | the value is invalid

Article ID

ias-12647

Article Name

Invalid Data Entry | Franked Investment Income | the value is invalid

Created Date

27th November 2017

Product

IRIS Business Tax, IRIS Business Tax

Problem

When generating an Electronic Tax Return and receiving the message: Invalid Data Entry | Franked Investment Income | the value is invalid according to its data type, the pattern constraint failed.

Resolution

Please do the following to resolve this issue in Business Tax: –

– Go to Edit in the top left-hand corner

– Business Tax Accounts

– Double click on Franked Investment Income

– Highlight and Delete 114 (or the code that you have used for Franked Investment Income)

– 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 second CTAP

– Click on OK

– Click Close on Posting screen

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