Release notes CCH ProSystem Accounts Production Statutory master formats STAT13 Unincorporated master format UNINC7 August 2008

Transcription

1 CCH ProSystem Accounts Production Statutory master formats STAT13 Unincorporated master format UNINC7 August 2008

2 Installation Installing the master pack from the CD To install the new master packs, insert the CD in your CD-ROM drive and proceed as follows: 1. Launch Windows 2. Click on [Start] and then on Run Enter D:\Master packs 13-7\CCH Master Formats 13-7.exe, or select the file using the [Browse] button, and click on [OK] 4. Follow the instructions on the screen, see below for installation options. The above assumes that your CD is known as drive D, if it is known by some other letter replace the D with the appropriate letter in step 3 above. Obtaining and installing the update from the Web Downloading Load your Web Browser, connect to the Internet and go to and follow the steps outlined below. If you have not yet created a user account you will first need to do this via the option called Create New Account. If you already have an account, log into the system with your user name and password. Select Support from the Personal Menu and click on the link to the support area for Accounts Production. Click on the link to download the new packs, Download master formats STAT13 and UNINC7, select the option to save the file to disk and store it in a temporary directory on your hard drive, (assumed to be C:\TEMP in the following instructions). Installing 1. Click on [Start] and then on Run Enter C:\TEMP\CCH Master Formats 13-7.exe, or select the file using the [Browse] button, and click on [OK]. 3. Follow the instructions on the screen, see below for installation options. The above assumes that you downloaded the file to C:\TEMP, if you stored it elsewhere, enter the path you used in step 2 above. During the installation process you will be asked for a password, this is provided in the notification of the availability of the update. Installation options The installation program will offer you our standard default directory called PROACC\WINCAP\MASTERS on Drive C. If you have installed ProSystem AP, or store your master formats elsewhere, you must change the directory to that which you used for the original installation.

3 The master formats have been allocated the following codes: STAT13 Statutory Accounts version 13 UNINC7 Unincorporated Business Accounts version 7 If you have created your own master with any of these codes, installing these masters will overwrite them. If you have done this, you should rename your master formats before proceeding, or contact us for advice on how you can rename our masters. Changing master packs for an existing client To link an existing client to a new pack, proceed as follows: Select File Data set Control data from the menu bar. Select the Master formats edit box and either enter the code of the new pack or select it using the [Pick] button. Click on [OK]. The system will ask you to confirm that you wish to link to the new master. If you indicate that you do, it will compare the nominal chart, rounding groups, entry types and graphs held in the new master to that stored for the client and add any new records that are found. Existing codes will not be affected, so any changes that you have made to account names will be retained. The system will from this point on, draw the data that has not been customised for the client from the new master. Any data that has been customised for the client will remain unchanged. You can review the database items, layouts, segments and compositions that have been customised for the client by accessing the edit routines for each and scanning the list for red ticks, or using the report generated by selecting Financial reports Format status report. If you wish to restore any item to use the default in the new master, highlight it and click on [Restore master].

4 Changes made to the master formats Statutory Accounts format version 13 The main changes made in this version of the formats are to cater for the following: 1. Companies Act Director s Interest One of the changes that the Companies Act 2006 brought into effect is that directors interests no longer need to be shown on the face of the directors report. We have therefore added the field DIRINTE on the control data page, Do you want to disclose the Directors Interests?. If answered Yes, the directors interests will be included. 2. Companies Act Review of the business All company accounts, with reporting periods beginning on or after 1st October 2007, will be expected to include a Business Review as part of the Directors Report, apart from small company accounts. (Refer to Section 417 of the Companies Act 2006) We have therefore amended the conditions for the fields DRREVINC and DRREVDEC so that they are included where applicable. 3. Early adoption of FRSSE 2007 We have added the facility to flag the early adoption of FRSSE, currently set for early adoption of FRSSE A database item, EARLYFRSSE, has been added to the control section Has FRSSE 2007 been adopted early?. If answered Yes, or the accounting period start date is on or after 01/01/2007, all references will be to FRSSE Note, FRSSE 2008, which is issued to reflect the changes required as a result of the Companies Act 2006, is applicable to accounting periods starting on or after 6 April 2008 and early adoption is not allowed. 4. Pension Disclosure We have updated the pension disclosure for FRSSE FRSSE adopts basic principles from FRS 17 for defined contribution schemes. To ensure this was in line with FRS17, we have made the necessary updates to wording in the segment DCINTRO. For defined benefit schemes in FRSSE accounts, FRS 17 principles apply in full with effect from 22 June 2006 year end. Example text for FRSSE and Non-FRSSE is included in the database definition DBINTRO.

5 A new segment has been added for FRSSE clients, NOTEPEN5. This segment is activated if the client qualifies for FRSSE and if there is a balance in the relevant codes for use instead of NOTEPEN1 to NOTEPEN4. 5. Purchase and Redemption of own shares To enable you to account for acquisition of own shares we have made the following changes: A new report segment DRACQ and database field definition DRACQ Acquisition of own shares on the Directors report tab have been created which are automatically included in the Directors Report when text is entered in the database field. The prompt provides guidance on the information that is required to be disclosed in the directors report. The following nominal accounts have been added to the master nominal ledger: 470 Redemption of Share Capital (Share Capital) 928 Ordinary shares - buy back/redemption during year (Share capital) 930 Capital Redemption Reserve (Reserves) 931 Movement in Capital Redemption Reserve (Reserves) 938 Preference shares - buy back/redemption during year (Share capital) The redemption of shares can be financed in one of the following ways. 1. Out of distributable profits. 2. Out of the proceeds of a new share issue, any premium being paid for out of distributable profits. 3. Out of a combination of a new share issue and distributable profits. 4. Out of the proceeds of a new share issue when the redeemable shares were issued at a premium. The premium on redemption can be offset against the share premium account. Example XYZ Limited is to redeem 10,000 shares of 1 each at a premium of 5 pence per share 1. Out of distributable profits Where a company redeems shares or purchases its own shares wholly out of distributable profits, it must transfer to the capital redemption reserve an amount equal to the nominal value of the shares redeemed.

6 The postings would be: DR 928 Ordinary shares - buy back/redemption during 10,000 year 470 Redemption of share capital 10,500 CR 751 Bank Account 10, Movement in Capital Redemption Reserve 10, Out of the proceeds of a new share issue Where a company redeems shares or purchases its shares wholly or partly out of the proceeds of a new share issue, it must transfer to the capital redemption reserve an amount by which the nominal value of the shares redeemed exceeds the aggregate proceeds from the new issue, (nominal value of new shares issued plus share premium). Say the issue of new shares was 10,000 1 shares at par. DR 928 Ordinary shares - buy back/redemption 10,000 during year 470 Redemption of share capital 500 CR 921 Ordinary shares issued during the year cash issue 10, Movement in Capital Redemption Reserve 10,000 10,000 DR 751 Bank Account (new share issue) 10,000 CR 751 Bank Account (redemption of shares) 10,500 No capital redemption reserve is required because the new shares issued bring in 10,000, which is equal to the nominal value of shares redeemed. 3. Out of a combination of a new share issue and distributable profits Say issuing 5,000 new 1 shares at par, and paying 5,500 out of distributable profits made up the redemption. DR 928 Ordinary shares - buy back/redemption during year 10,000 CR 921 Ordinary shares issued during the year cash issue 5,000 DR 470 Redemption of share capital 5, Movement in Capital Redemption Reserve 5,000 10,000 DR 751 Bank Account (new share issue) 5,000 CR 751 Bank Account (redemption of shares) 10,500

7 4. Issue of new shares at a premium A new issue of say 10,000 1 shares is made at a premium of 6p. DR 751 Bank Account (new share issue) 10,600 CR 921 Ordinary shares issued during the year cash 10,000 issue 926 Share premium increase 600 DR 928 Ordinary shares - buy back/redemption 10,000 during year DR 926 Share premium - other movements 500 CR 751 Bank Account (redemption of shares) 10,500 No capital redemption reserve is required, as in 2 above. The redemption is financed entirely by a new issue of shares. The balance sheet, reserves note, cash flow statement and profit and loss accounts have all been updated to account for the above transactions. 6. Disclosure of Share based payments (FRS20) To facilitate this requirement we have added NOTESBP Share based payments transactions FRSSE (for FRSSE) and NOTESBPNF Share bases payment transaction - non FRSSE (for non FRSSE) to the Notes tab of the client data records. These fields also contain guidance in the prompt. An additional segment, NOTESBP, has been added to the report definitions in respect of the new note. This note is activated if there is text in either one of the above new client data records. 7. Financial instruments An accounting policy note has been added for financial instruments. Two new fields have been added to the Accounting Policies tab of the database, APFININSTH Financial Instruments heading and APFININST Financial Instruments. The new accounting policy note will appear if any text is entered in APFININST. 8. Other changes and amendments: Code Segment BSBODY - Balance sheet body and NOTEDEBT - Debtors note Segment BSBODY - Balance sheet body Change Transfer account 70 was added to total accounts 950:959. The new transfer account was also added into the TFR(15) calculation thus a debit balance on the transfer account 70 will be included. The Provisions for liabilities data line has been changed to include transfer account 70 if it is a credit balance.

8 Segment NOTEDEBT - Debtors note Segment DRACT - Directors report principal activity Segment DRASS - Directors report fixed assets Segment ARBODY - Audit report body Segment ACCBODY Accountants report body Layout ASSETS - Fixed assets Segment NOTETFA - Tangible fixed asset note Segment NOTEAP - Accounting policies New database item DEPNCE - Depreciation rate - Computer Equipment New database item CONUMB - Show company registration no. on full accounts? Database item ACCREP2 - Accounts preparation report (Chartered) A new line has been added for Deferred tax which picks up transfer account (TFR) 70 only if it s a debit balance. The condition attached to this segment has been changed to ensure that the segment is only included once if medium or large accounts are being prepared. The condition attached to this segment has been changed so that it only appears if there is a balance in accounts 610:618. In previous versions only the town line of the auditor s address was shown in the audit report. This has been changed so that the full address is now printed. The firm s name and description was printed right justified on the accountants report. This has been changed to be left justified to make it consistent with the presentation of the audit report. The number of asset columns that can be reported has been increased from 4 to 5, plus the total column. This is to accommodate the inclusion of a separate column for computers in the fixed assets note. Note that this may have an effect on any existing customised notes for tangible and intangible fixed assets and these should be reviewed. The segment has been amended to show computer equipment as a separate asset category. This additional column will only be active if there are figures in the computer equipment accounts, 680:689. The segment has been updated to disclose the depreciation policy details for computer equipment. New field on the General tab to record the rate of depreciation used for computer equipment. This new item in Control data/control flags is provided to allow you to suppress the printing of the company s registration number on the cover of full accounts. The standard wording has been changed so that board of directors is now all in lowercase.

9 Composition NOTES - Notes to the accounts Segment PLBODY - Profit and loss body Segment DETPLSING - Detailed profit and loss single page body Segment NOTEAP Accounting Policies New database fields APOTH? - Extra paragraph and APOTH?H Extra paragraph heading Segment NOTETRANS Transactions with directors Nominal ledger The segment containing the note in respect of other operating income was not included in the NOTES composition. This has now been added, together with cross references to the note from the profit and loss account segments. The figure for administration expenses printed when there were no distribution costs did not include account 319 Loss on exchange. This has been corrected. The tax line has also been amended so that tax charge is shown in brackets. The test to determine if there were any establishment and administration expenses had not been updated for the change in use of account range 150 to 199. This has been corrected together with a few minor formatting corrections. We have extended the number of additional paragraphs provided in the accounting policies note from 2 to 6. To use these, simply enter the heading in the heading field and the text to appear in the paragraph field. The heading of the note has been changed to Transactions in which the director(s) have an interest References to Script issues have been corrected to Scrip issues and the expected balance of account 14 has been corrected. Companies Act 2006 Companies Act references in these formats are to the CA For accounts beginning on or after 6 April 2008 references will need to be to the CA 2006 and we will be issuing an update in Q incorporating these.

10 Unincorporated Accounts format version 7 The main changes made in this version of the formats are as follows: 1. The changes made to the self employment supplementary pages to the Personal tax return (SA103F) required a revision to the analysis of the accounts data for tax purposes: A number of additional codes have been added to the tax link definitions and changes have been made to the tax return summary segment (TRBODY) to incorporate the changes for 2008 Personal tax returns. A new tax return summary has been added for partnerships as the partnership and personal pages are in a different format for the 2008 tax return. When printing the Tax Return report via financial reports, the system will automatically select the personal or partnership format based on the structure of the business as recorded on the Control information tab of the database. 2. Other changes : Code Segment SYSTEM - System calculations Segment NOTECUR5 - Partners' current accounts - up to 5 Segment NOTEAP Accounting Policies New database fields APOTH? - Extra paragraph and APOTH?H Extra paragraph heading Segment REPBODY Accountants report body Change This segment sets the REPORTTO field used in the heading to the accountant s report. In 6A this field was incorrectly being set to Proprietor for both sole trader and partnership accounts. This field is now set to Partners for partnerships accounts. The test to determine if a partner s current account was active only included credit balances for each nominal account making up the balance. Hence if all figures were in debit, say and opening balance with no movement, it was not being included. The test has been changed to overcome this. We have extended the number of additional paragraphs provided in the accounting policies note form 2 to 6. To use these, simply enter the heading in the heading field and the text to appear in the paragraph field. The firms name and description was printed right justified on the accountants report. This has been changed to be left justified to make it consistent with the presentation in other formats.

11 Wolters Kluwer (UK) Limited