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 online filing passwords to the Vault — You can enter and store your Companies House Presenter ID and Presenter authentication codes so you don't have to re-enter them for each submission.

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 direct 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.