The accounting process

Use IRIS Elements Accounts Production to produce accounts for:

• Trading and dormant periods
• Limited companies
• Sole traders
• Partnerships
• Limited Liability Partnerships (LLP) IRIS Elements Tax and Accounts subscribers only., IRIS Elements Accounts Production Professional subscribers only., and IRIS Elements Accounts Production Enterprise subscribers only.
• Charities IRIS Elements Accounts Production Enterprise subscribers only.
• Community Interest Companies (CICs) IRIS Elements Accounts Production Enterprise subscribers only.
• Farms IRIS Elements Accounts Production Enterprise subscribers only.

Prerequisites

Before creating accounting periods, you must;

• Add your Companies House Presenter details to the Vault
• Add your Companies House Presenter details to Tax & Accounts online filing passwords.
• For Business client types, add their Companies House authentication code to their client record.

You're now ready to start the accounting process.

The process

1. Create accounts for a client in IRIS Elements Accounts Production.
2. Set up accounts.
3. Source data — either:
   • Manually enter accounts data.
   • Import trial balance data.
   • Import trial balance data directly from Xero.
4. Make journal adjustments.
5. Generate accounts reports.
6. Send accounts for approval. IRIS Elements Accounts Production (any level) subscribers only.
7. Submit accounts. IRIS Elements Accounts Production (any level) subscribers only.

If you are trialling IRIS Elements Accounts Production, you cannot submit accounts until you have a full subscription. Go to the Marketplace to choose the appropriate subscription for your practice.