Goodwill

This client screen is used for Limited Companies.

It can be found in:

Edit | Data Screens | Notes to Financial Statements | Accounting policies | Alternative Accounting Policies

There are four choices for the goodwill accounting policy: use the standard; add to the standard; replace the standard or omit the policy.

If the field on the Selection of Accounting Policies screen is:

ticked and no entries made on this screen, the standard policy will be generated worded as follows:

1. If goodwill did not exist at the beginning of the year but has been acquired during the current year and has been fully written off in the current year:Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

or

Goodwill, being the amount paid in connection with the acquisition of a business in [date], is being amortised evenly over its estimated useful life of [number] years.

2. If goodwill existed at the beginning of the year and has been fully written off in the current year:

Goodwill, being the amount paid in connection with the acquisition of a business in [date], is being fully amortised in the current year.

or

Goodwill, being the amount paid in connection with the acquisition of a business in [date], is being amortised evenly over its estimated useful life of [number] years.

The date and number of years should be entered in the fields provided in the Standard Goodwill screen.

ticked and entries made on this screen. Text typed here will be used in the notes either added to or instead of the standard policy, depending on whether a tick is in the replace box.

left blank, the policy will be omitted.

This policy will only be generated if postings have been made to accounts

• 502 (sub-accounts) if using the ELTD chart
• 578 to 583 if using the IRIS chart

Quick Guide

Click here to see information about generating a table within the notes.

Reports

Use this option to view or print any report without leaving this screen.

IRIS will return to the Goodwill Policy screen when you exit the report option.

To view the notes only enter NOT in the Report/Document field.