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After many years it is time to retire the original IRIS chart of accounts.
This move has been necessitated due to the difficulty in implementing the many legislative changes being introduced.
Enhanced charts which allow greater flexibility to cope with the ever changing legislation:
In February 2002 we introduced the first of the new charts, ELTD, which caters for Limited companies and groups
The EPST chart for partnerships, sole traders and LLPs was released in April 2004
The EMED for doctors was issued in October 2004
The EPSF and ELTF charts for Farms were issued in July 2006
The EPEN chart for pension schemes is in issue from October 2015
It is therefore recommended that all users who have not yet done so start to convert their clients to the new enhanced charts.
Converting existing clients to the Enhanced charts is a very quick and simple procedure, for more help on this, click here.
In addition to the reports and business entities currently produced on
the standard IRIS chart, the enhanced chart allows for the production
of financial statements for Limited Liability Partnerships (LLP) and Doctors
conforming to the new GMS Contract.
Round to thousands (£'000) - Accounts can be produced in round £'000s for use with larger companies.
Currency - An option is now available to produce accounts in pound (£) sterling, dollars($) or Euros(€).
Data Screen Defaults - This is used to enter information into certain Data screens at chart, partner or practice level, for example Flysheet, reference to 'Unaudited' can be applied to all clients.
Rounding account - The nominated rounding account can be set at client level through Posting | Rounding Accounts
Quick accounts list - A short list of commonly used codes accessible when posting. This can be amended in Setup to create a general practice list.
Branches - Multiple trading profit and loss accounts can be produced by setting the branches up in Edit | Branches and posting to the relevant branches.
More than 3 Share Types - If using the Share Register, there are now up to 20 share types available.
Group accounts - Group accounts can be produced by running the LTD report for a group entity (see Consolidated Accounts factsheet).
Cashflow - The cashflow statements now have more figures picked up automatically from the postings, and additional items needed to balance the cashflow are entered into the data screens.
Partners - Up to 99 partners can be set up on a business (12 on the standard IRIS chart)
Additional trial balances - please click here for details.
More than one accounting standard can be applied to an accounting year.