Submit accounts for farms

Product subscription required: IRIS Elements Accounts Production Enterprise

Choose the chart of accounts

When creating the first accounting period for a sole trader, limited company, or partnership farm, you must select the relevant chart of accounts:

• ELTF - Limited Company chart - Farm
• EPSF - Partnership and sole trader chart - Farm.

This chart will remain in place for all subsequent accounting periods.

Set up the accounting period

When setting up a farm's accounting period, turn on Enterprises in the Entity Setup tab. A new Enterprises tab is made available.

Enter cost centre details

You must enter the farm's cost centre details for the accounting period:

1. Select the Enterprise tab.
2. If no cost centres exist, select Add otherwise select Add enterprise.
3. Enter:
   • Enterprise ID — Alphanumeric characters only
   • Enterprise Name
   • Enterprise type — Choose from Other, Livestock, or Arable

Use the vertical ellipses to Edit or Deactivate cost centres as required.