How to set up Trades/Partnerships in IRIS

Click the links below to jump to a particular section:

Setting up the Business

Setting up Involvements

Setting up Partners’ Profit Shares

Setting up a Posting File

Setting up the Business

1. Log on to IRIS Accounts Production.

2. From the menu bar select Client | New
   
   The following screen displays.

3. Select the Create a new client to be added to the IRIS database option.

4. Click Next.
   
   
   
   
   The following screen displays.

5. Complete the Business Name, Type of Business (select Sole Trader or Partnership) and Commenced fields in addition to any other relevant field.

6. Click Next.
   
   
   
   The following screen displays.
   
   
   

7. The above screen can be used to categorise clients according to Partners, Managers, and so on. This does not need to contain any data.

7. Click Next.
   
   The following screen displays. Review the data displayed.

8. Click Finish to proceed or Back to amend the details.
   
   
   
   The following screen displays.

9. Enter a Client identifier reference for the client (maximum of 10 characters).

10. Click OK.
    
    
    
    The AutoMail – Letter Options screen displays.

11. Click OK to generate a letter or click Cancel if a letter is not required.
    
    
    

• The AutoMail - Letter Options screen displays only if there is an existing Automail License.

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Setting up Involvements

If Cancel is selected in step 11 the following screen displays.

1. Select the Partners tab (or Proprietor tab in the case of a sole trader).

2. Click New.

The following screen displays.

3. Click the magnifying glass beside the Partner field.
   
   
   
   The following screen displays.

4. Click New to add an involvement if not shown on the list or click Select to add an existing involvement.
   
   
   
   If New in step 4 is selected, the Adding Personal Client screen displays.

5. Click Next.
   
   
   
   The following screen displays.

6. Complete the relevant fields.

7. Click Next.
   
   
   
   The following screen displays.

8. Click Next.
   
   
   
   The following screen displays, review the data entered.

9. Click Finish to proceed or Back to amend the details.
   
   
   
   The following screen displays.

10. Enter a Client identifier reference for the client (maximum of 10 characters).

11. Click OK.
    
    
    
    The following message displays.

12. Click OK.
    
    
    
    The following screen displays.

• The Personal Client Maintenance screen gives a summary of the details entered. Any required amendments can be made by selecting the relevant tab.

13. Review the details.

14. Click Save and Close.
    
    
    
    The following screen displays.

15. Highlight the relevant involvement and click Select.
    
    
    
    The following screen displays.

16. Enter the dates (if required) within the From and To fields.

17. Enter the account order number within the A/C Order field.

18. Click OK.
    
    

• The Record on history for all affected client(s) is check box is selected by default. The following message is displayed if no dates are entered. Click OK and either enter a date or deselect the Record on history for all affected client(s) check box.

The following screen displays.

19. Click Close, or New to add more partners, or select View to make any necessary amendments.
    
    
    

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Setting up Partners’ Profit Shares

The Net Profit Share Dates screen displays for Partnerships.

• This screen can be accessed at any time by selecting Edit | Partners Profit Shares

1. Highlight the relevant line and click Shares.
   
   
   
   The following screen displays.
   

2. Enter the Date that the partners’ profit shares will be effective from or leave the field blank if it is from the start of the business.

3. Click OK.
   
   
   
   The following screen displays.

4. Within the SHARE section select the relevant radio button to specify the partner’s profit share.

5. Select Joint Capital Account if a joint capital account exists.

6. Click the magnifying glass and select the joint partner if Joint Capital Account has been selected.

7. Select the relevant options within the section Split of Joint Net Profit Share to split the profit between the joint partners.

8. Click OK.
   
   
   

9. A joint partnership can only be setup when the joint partner has been allocated an order number of zero. If more than one partner exists, the above steps 1-5 need to be repeated for each partner.

The Net Profit Share Dates screen displays.

9. Review the details and verify that the status reads All Shares Set.

10. Click Close.
    
    
    

• All the lines on the above window must read All Shares Set.

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Setting up a Posting File

1. From the Menu bar select Posting | New
   
   The Accounts Charts screen displays.
   

2. Select EPST (or EPSF for Farm clients).

3. Click OK.
   
   
   
   The following screen displays.

4. Enter a description for the posting file in the Description field.

5. Select the currency from the Currency field.

6. Click the magnifying glass from the Account Period End Date field.
   
   
   
   The following screen displays.

7. Enter the end date for the period and click OK.
   
   
   
   The following screen displays.

8. Highlight the relevant date and click OK.
   
   
   
   The following screen displays.

9. Click the magnifying glass beside the Previous Account Period End Date field.
   
   
   
   The following screen displays.

10. Select Trade Date if IRIS is to remember and make reference to the trading date which would have been entered while initially setting up the client, or select Enter Date.
    
    
    
    The following screen displays (if Enter Date has been selected).

11. Click Add.
    
    
    
    The following screen displays.

12. Enter the previous year end or a day before the start date if it is the first year of trading.

13. Click OK.
    
    
    
    The following screen displays.

14. Select the relevant date and click OK.
    
    
    
    The following screen displays.

15.  Review the details and click OK.
    
    
    
    The following screen displays.

16. Click Cancel, or click OK to run the opening balances, if postings have previously been made.
    
    
    

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