Set up accounts

Before doing anything else, you need to set up the accounts for your client. This is done on the Entity Setup tab. The content of this tab will vary based on the client type.

  1. From the Clients menu, select Clients list.
  2. Change the client list view to either Active clients or a custom view that includes all relevant clients.

    3. If any of the entries are greyed out and you cannot select them, this is a restricted item — the parent client record has been set to Private and you do not have access. If you believe this is a mistake, contact your IRIS Elements administrator. Users who have Administrator level permissions are able to view all public and private client records, even those where they are not named as assigned users.

  3. From the Accounts production widget on the Dashboard, select the required accounting period. Ideally, select the latest / newest period.

    If a relevant account period does not exist, you must create and set up one first.

  1. Complete the setup as described in the next section, then select Save.

Setup

Previous periods

Business details

Setup

When you enter your settings, they're saved with this period so you won't have to re-enter the information when you create a new period.

Reporting standard - select the financial reporting standard from the list. The options available will depend on the client type.

Entity size (companies only) - select whether the business is micro or small.

We currently support sole traders, partnerships and companies (micro or small)

Trading status - select whether the company is Trading or Dormant.

Dormant status - if the company is dormant, select whether they Never traded or Ceased trading. This option is greyed out if the company is still trading.

Terminology - select the terminology you want to use in the accounts report. In most cases, this will be Companies Act.

Choice of statement of financial performance - select a type of financial performance report from the list.

Previous periods

The previous periods section shows details of any previously recorded periods.

Business details

Business details are extracted from the client record. You can edit the details by selecting the Edit icon next to the Business details heading.

This opens the Information tab for the selected client. Once the details have been edited, you will need to open the required accounting period again. Any missing information is highlighted.

Did you know?
We have created a video to support this process.