IRIS Accounts Production - Limited Company
- ELTD
Click the 
icon to see the answer:
How do I show the auditors / accountants
name and address on the fly sheet?
You will need to set the following alias:
FLY = FLO
To set the alias at client level (for one client only) select Edit
| Report aliases
To set the alias at chart level (all clients attached to a specific chart)
select Setup | Accounts
chart | Amend chart, select
the chart the client is using, select Output
report (FDF) - chart aliases.Type your expanding text here.
How do I change the position of the
wording on the fly sheet?
You will need to be logged in as MASTER. Select Setup
| Report options | Flysheet
window position. See the help screens in each individual option
for further help.
One or more of the directors are not
listed on the company information page.
The company information page will only list directors in office at the
time of signing the accounts.
If there are directors in office at the time of signing that are not appearing,
check the following screens:
Edit | Data
Screens | Directors | Directors Changes Since Year End,
check that you only have directors entered on this screen that have actually
left after the year end and not during the year, and similarly that directors
entered here were actually appointed after the year end and not during
the year.
Also check that the directors have not had an end date entered incorrectly.
To check this, go to Edit
| Directors/Secretary and remove
any incorrect dates.
Where do I enter the registered number?
Select Client | View
and enter the number on the Basic Tab.
Can I do accounts for companies based
in Jersey, Guernsey or Northern Ireland?
Select Edit | Data
Screens and go to Company Information
| Country for Legislation and
enter:
E for England, Wales and Scotland
N for Northern Ireland
G for Guernsey
J for Jersey
Why is the section headed 'directors'
not appearing in the Directors' report?
For the section headed 'Directors'
to appear on the Directors' report, the following will need to be considered:
If the approval date for the Directors' report is on or after the 06/04/2007
(Edit | Data
Screens | Company Information
| Dates of Reports | Date
of Directors' Approval), the section headed 'Directors'
in the Directors' report can be disclosed by selecting the option 'to disclose information about directors
interest in shares' in Edit
| Data Screens | Directors
| Directors' Information
If the approval date for the Directors' report has not been entered, it
will be assumed the Directors' report will be approved on or after 06/04/2007,
the section headed 'Directors'
in the Directors' report can be disclosed by selecting the option 'to disclose information about directors
interest in shares' in Edit
| Data Screens | Directors
| Directors' Information
If the date of the approval of the directors report is before 06/04/2007
the directors section should be displayed and the below will apply.
Why are the directors' shareholdings
not appearing in the Directors' report?
For the Directors' shareholdings to appear in the Directors' report, the
following will need to be considered:
The section headed 'Directors'
must be included in the Directors' report.
To ensure this is appearing:
If the approval date for the Directors' report is on or after the 06/04/2007
(Edit | Data
Screens | Company Information
| Dates of Reports | Date
of Directors' Approval), the section headed 'Directors'
in the Directors' report can be disclosed by selecting the option 'to disclose information about directors
interest in shares' in Edit
| Data Screens | Directors
| Directors' Information
If the approval date for the Directors' report has not been entered, it
will be assumed the Directors' report will be approved on or after 06/04/2007,
the section headed 'Directors'
in the Directors' report can be disclosed by selecting the option 'to disclose information about directors
interest in shares' in Edit
| Data Screens | Directors
| Directors' Information
If the approval date for the Directors' report is before 06/04/2007 the
section headed 'Directors' should
be displayed.
If the section headed 'Directors'
in the Directors' report is being displayed and the directors shareholdings
are not, there are two screens that need to be completed:
Select Edit | Shareholdings,
select a director then click OK.
Select the year by clicking the magnifying glass where it says at year/period
end and enter the amount of shares held by the director.
Select Edit | Data
Screens | Company Information
| Share Capital, select the class
of share capital. This screen must be completed for the current year,
in particular the number issued field must be completed.
If you are using the Share Register
these screens will not be available, make sure all the correct information
is entered into the share register instead. Select Edit
| Name, basic
details and business address then Shares.
Also check that postings have been made to the issued share capital accounts,
that is, 966/1, 966/2
or 966/3.
Why are the following items not appearing
on the Directors report; Review of business, Dividends, Fixed assets?
The above items will be omitted from the directors report if advantage
is being taken of the small company exemptions. To disclose the above,
select Edit | Data
Screens | Small Companies
| Report of the Directors, select
the items you wish to disclose.
How do I omit or change the standard
auditors paragraph on the directors report?
Select Edit | Data
Screens | Report of the Directors
| Auditors, leave the field provided
blank to omit the standard paragraph or enter an alternative paragraph
on the screen.
How do I show a Directors' Non-Beneficial
holding on the Director's Report?
Go to Edit | Share
Register | Events | New | Share
Issue/Bonus Issue/Rights Issue and in the Takeup screen when entering
the relevant shareholder taking up the shares, select the Non-Beneficial
option. This shareholding will be shown as a Non-Beneficial holding on
the Directors' Report for the relevant director.
This can only be achieved by using the Share Register; click here for more
information regarding the Share Register in Accounts Production.
Why are the following items not appearing
in the accounts; Recognised gains and losses paragraph on Statutory profit
and loss account, Historical cost profits note, Continuing operations
paragraph on Statutory profit and loss account?
None of the above are required where accounts are prepared in accordance
with the FRSSE (Financial reporting standard for smaller entities).
If you do not wish accounts to be prepared in accordance with the FRSSE,
select Edit | Data
Screens | Small Companies
| FRSSE, leave the field provided
blank.
How do I post a prior year adjustment?
The example given is a typical Prior year adjustment:
The Prior Year Adjustment needs to restate the comparative figures, therefore,
an amendment needs to be made in the comparative posting entry.
A company discovers it's sales have been overstated in the previous year
by £100,000. This being due to a mistake regarding trade debtors.
The error needs to corrected in the comparative year. The following journals
will have to be applied:
Dr Sales 1 100,000
Cr Trade debtors 625 100,000
In the current year the adjustment needs to be shown as a PYA. Do
not rerun opening balances. The opening balance on account 968/1
remains unchanged and an adjustment is posted to 475 to adjust the opening
position on the profit and loss account to the new restated amount. The
following journals would be needed:
Dr PYA 475 100,000
Cr Trade debtors 625 100,000
The data screen for prior year adjustments needs completing to add an explanation
into the notes. Select Edit |
Data Screens | Notes
to Financial Statements | Prior
Year Adjustments
How do I post a disposal of a fixed
asset?
In this example we will assume a Motor car costing £10,000 has been disposed.
Credit account 525/3 (disposals
- motor vehicles) with the original cost, £10,000
Debit account 525/23 (eliminated
on disposal - motor vehicles) with the depreciation to date, say £3,000
Post the balance of the above to account 392/14
(profit/loss on disposal - motor vehicles) £7,000 as a debit
The actual sale proceeds will also be posted to account 392/14
(profit/loss on disposal - motor vehicles) say £8,000 as a credit
The debit entry of the £8000 being to the bank account or debtors for example
This will arrive at the profit on sale of motor car of £1,000.
If the sale proceeds were only £6000, post this as a credit to 392/14.
This will leave a loss on sale of motor cars of £1000.
How do I post a revaluation of a fixed
asset?
In this example, we will assume that a Freehold property has been revalued
from £100,000 to £120,000.
Debit account 512/5 (Cost - freehold
property) with £20,000.
Credit account 970/5 (No description
- Revaluation reserve) with £20,000.
Data screens for the revaluation should be completed. These can be found
in Edit | Data
screens | Notes to Financial Statements
| Balance Sheet Items | Tangible Fixed Assets | Revaluation.
Both the Information and Analysis
of Cost or Valuation screens should
be filled in.
I have posted to different fixed assets
groups but they are all coming out in the reports as 'Plant and Machinery
and so on. How do I show the individual group headings?
This is because the client is taking advantage of the small company exemptions
(SI220) if you wish to disclose the fixed assets with their actual group
headings, select Edit | Data Screens | Small
Companies | Financial Statements,
select the Tangible assets and
Depreciation accounting policy
options, to say that you require full disclosure.
I have entered the Tangible asset depreciation
rates but they are not appearing in the accounting policies.
Do you actually have postings in sub accounts of that account? for example,
if you have set up a depreciation rate for account 526,
check that you have postings to accounts 526/1
to 526/30 or 526/51
to 526/80. Please refer to the
chart of accounts.
Have you entered a start date or end date for the policy? Check that the
start or end date entered is relevant to the year for which you are generating
the accounts.
How do I transfer assets into owned
assets?
Where the hire purchase agreement for an asset has been completed and the
asset is to be transferred to the owned group make the following adjustments,
an example for motor vehicles is given:
Debit, for example, 525/9, with
original cost.
Credit, for example, 525/59, with
original cost.
Debit, for example, 525/79, with
accumulated depreciation.
Credit, for example, 525/29, with
accumulated depreciation.
If there has been a charge for year posted, then this should also be moved
in the same way as the cost and accumulated depreciation.
I am getting an error message on the
Reconciliation of movement in shareholders funds note.
Check you have 3 years figures posted for share capital, accounts 966/1
- 3
If the share capital was issued in the current or comparative year, (or
if this is only the first or second year of trading) you will need to
enter this on the client screen, select Edit
| Data Screens | Notes
to Financial Statements | Movement
in Shareholders Funds.
Enter the details of the issued share capital in the current year screen.
You will need to enter a narrative and a total figure.
Why are certain accounting policies
not appearing, I have not said I want to omit them, / I have replaced
them with my own policy but it is not appearing?
Accounting policies will only be generated if there are postings to the
relevant account, for example, the Hp leasing policy will only be generated
if postings have been made to the Lease/HP asset groups and the Stock
policy will only be generated if there are postings to accounts 568 to 582.
You can not add to or replace a policy that isn't being generated, if you
wish to enter your own policy use the freeform accounting policy screens.
The share capital note is not correct.
There are 2 things to check:
Firstly the share capital needs to be posted to accounts 966/1,
for share type 1, 966/2 for share
type 2 and 966/3 for share type
3.
The share capital data screen needs to be completed. Select Edit
| Data Screens | Company
Information | Share Capital
| Share Capital 1,
2 or 3.
The first five fields need completing:
Class of capital
Nominal value
Authorised number of shares
Authorised value of shares (should be automatic)
Issued number of shares
If you are using the Share Register
these screens will not be available, make sure all the correct information
is entered into the share register instead. Select Edit
| Name, basic details and business address
then Shares.
Is there a Limited company tutorial?
Yes, from the main accounts production screen, select Help
| Tutorial
I have changed the Intangible asset
group description (group 148) from patents and licences but it is still
coming out as Other intangible assets.
This is because IRIS is taking advantage of the small company exemptions.
To use the changed description, select Edit
| Data Screens | Small
Companies | Financial Statements,
select for full disclosure in the field against Intangible fixed assets.
The description of goodwill on account 502 can not be amended.
The accounts I am producing are for
a large company, how do I change the standard wording to reflect this?
To produce accounts for a large company, you need to set the following
aliases:
$AI=$AS, this will include the phrase "...and are in accordance with
applicable accounting standards" in the accounting convention section
of the accounting policies note.
$DR=$DL, this will include a phrase in the statement of directors responsibilities
to state that applicable accounting standards have been followed.
In addition you must ensure the small company exemptions and FRSSE data
screens have been amended to reflect the size of the company.
I am getting a rounding difference
in my Sundry account, how do i move this?
Rounding differences can be cleared by either making a journal adjustment
to account 280, and the other side of the entry to any other profit and
loss account, OR, by changing the nominated rounding account for the client.
This can be changed by going to Posting
| Rounding Accounts
The rounding account can also be changed for the whole chart by going into
Setup | Accounts
Chart | Amend Chart, select
the ELTD chart, then go to Rounding error
accounts.
How can I prepare accounts utilising
the small company exemptions, without applying the FRSSE provisions?
Select Edit | Data
Screens | Small Companies,
select the appropriate Year start
folder | Financial Statements
and select the option to produce accounts in accordance with the small companies regime.
Select the relevant options if you want full disclosure on the topics,
Interest on bank loans, Staff, Intangible assets and so on.
Ensure the option to prepare the financial statements in accordance with
FRSSE has not been selected on
the data screen Small Companies
| Year start folder | FRSSE
