Enhanced Chart Conversion - Pension

Introduction

The PEN# chart has come to the end of its useful life with the need for disclosure under FRS102 and the Financial Reports of Pension Schemes SORP (2015). It will therefore be necessary to convert pension scheme clients on to the enhanced pension chart EPEN.  Once converted to the EPEN chart, you will be able to select the Accounting standard FRS 102.

IRIS provides a chart conversion (bridging) procedure which enables individual clients to be converted from their existing charts for example, IRIS Solution Original to the Enhanced charts.  

Summary

  1. Ideally conversion should be done at the end of the year, once the accounts have been completed.

  2. Ensure an extract is taken.

  3. Ensure the latest accounts and working papers are printed.

  4. Select Posting | Post File Maintenance | Chart convert

  5. Select:

    1. Click OK to the backup reminder warning message. A list of PEN# Chart clients displays.  

    2. Click New Chart ID and select the chart to be used for each client to be converted.

    3. Click Map Selection and select the Import Map to be used for the conversion.  

    4. Click Convert. Only clients with the New Chart ID and Map Selection selected will be converted.

    5. If a New Chart ID and Map Selection are chosen, but the client is not to be converted at this time, select the Ignore option.

  1. After the conversion run the reports to ensure they are as expected

Transition to FRS 102

For information on how to transition to FRS102 see Pension scheme transition to FRS 102.

Click the links below to jump to a particular section:

Import Maps

Creating or amending an Import Map

Pre-Conversion

Chart Conversion

Post Conversion

 

 

Import Maps

There is a pre-prepared import map available for you to use, which you can look at by going to Setup | Import Maps | Posting entry to entry | Enhanced Conversion O- Pensions | View or Print

You can amend the standard import map by taking a copy and then editing it as required.

 

Back to top

 

Creating or amending an Import Map

For more information on staff permissions please see Quick Guide Staff Allowances.

 

To create a new import map:

  1. Go to Setup | Import Maps | Import Map Maintenance

  2. Select 'Posting ‘entry to entry’ import map' to display a window listing import maps already loaded.

  3. Enhanced Conversion L, Enhanced Conversion L – Farm, Enhanced Conversion M, Enhanced Conversion O - Pensions, Enhanced Conversion P, and Enhanced Conversion P - Farm are the import maps supplied by IRIS Software Ltd.

  1. Click Copy to new and Yes to copy import map to create new map.

The import map is then duplicated resulting in two identical maps.

  1. Select Import Map Description and give the new import map a description for example, for example, Enhanced Conversion O - Pension Schemes – In-House.

  2. All pension scheme import maps must have a description beginning with 'Enhanced Conversion O - Pension' (not case sensitive)

  1. Select Accounts in Import Map to display a window showing the account numbers currently in the map.

The import map can now be customised according to user requirements.

 

Back to top

 

 

Pre-Conversion

  1. Print Reports: As the bridging procedure is irreversible, it is important that hard copies of all relevant reports are printed out prior to each conversion. These would usually include (but not be limited to) final accounts, trial balances and a specific description report (showing client specific account and group descriptions).
  2. Client Extract: It is recommended that Client | Extract is performed prior to each conversion as a form of backup, for use in the unlikely event that any problems arise during/after the conversion. Further information on this procedure can be found in the Extract / Replace Quick Guide, which is accessible from Help | Quick Guides (or from the data screens Help | Help |Quick Guides)

Back to top

 

 

Chart Conversion

To convert an existing client to one of the Enhanced charts, the following steps should be followed.

  1. Select client in Accounts Production.

  2. Select Posting | Post File Maintenance

  3. Ensure that the correct client is selected and click Chart convert.

A message will display if Client Extract has not been performed.

  1. Note the reminder to print relevant reports before converting, and click Yes and OK.

  2. Select the enhanced chart to convert to.

  3. Select an import map to use.

  4. The conversion will then take place.

The table below shows the information that is converted by the bridging procedure:

Converted

 Not Converted

Postings for every account period

Cancelled postings

Client specific account descriptions

Chart specific account descriptions*

Client specific report aliases

Client specific group descriptions

Chart specific report aliases**

Chart specific group descriptions

Client specific depreciation policies

Chart specific depreciation policies

 

*These will have to be re-entered manually.


To view a list of current chart specific account descriptions:

  1. Create a new client and set up a post file based on the chart in question.

  2. Go to Reports | Annual and run a DCR report.

**Provided that they do not already exist on the enhanced chart.

 

Back to top

 

 

Post-Conversion

In addition to the items above there are other pieces of data that the bridging procedure cannot convert because of differences in their treatment between the standard and enhanced charts. As a result, some clients will require additional work to be performed after the bridging procedure.

The exception report (EXR) will help to identify the additional work required once a client has been converted.

Whilst the primary intention of the EPEN chart is to provide disclosure under FRS 102 and the SORP (2015), it also needs to accommodate disclosure as per the Audited Accounts Regulations - The Occupational Pensions Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, as amended.  Each requires distinctly differing information about investment balances.

To allow for this, the EPEN chart provides 2 sets of account codes for Investments disclosures:

Back to top