All management periods for a year/period are posted within one post file, this post file is then broken down into the specified management periods.
To specify the management accounting basis, select Edit | Management accounting basis, IRIS will display a list of optional basis's.
Select the required basis.
To begin posting, select Posting | Post, select or create the post file for the year/period you wish to post into, select Management accounting in the Review/Specify Posting Batch screen. IRIS will display the management periods, select the period you wish to post into.
When posting from working papers you do not need to run opening balances into the second and subsequent management periods, the opening balances can be calculated by the system. When management accounts are prepared from a trial balance, reverse opening balances must be generated at the start of each new management period.
Closing stock must be posted as a management account adjustment. From the posting screen select Management, select the period, IRIS will display the Management adjustment entry parameters screen, a document type and double entry account are not required when posting closing stock, leave the fields blank and click OK.
Make the following postings:
Debit account 569 if using the Enhanced chart (601 if using the Standard chart) - Closing stock Balance sheet
Credit account 74 if using the Enhanced chart (127 if using the Standard chart) - Closing stock P&L
If stock is to be netted off against sales or purchases rather than being shown separately, a different method of posting needs to be used. Please refer to the Quick Guide Stock in management accounts.
For the final period, stock must NOT be posted as a management account adjustment, so that balances will be brought forward correctly into the next year's post file.
Yes, from the main accounts production screen select Help | Tutorials