CCH Accounts Production. Version SP2 & above. FAQs for FRS102. (25 th April 2016)

Transcription

1 CCH Accounts Production Version SP2 & above FAQs for FRS102 (25 th April 2016)

2 Legal Notice Disclaimer Wolters Kluwer (UK) Limited has made every effort to ensure the accuracy and completeness of these FAQs. However, Wolters Kluwer (UK) Limited, its staff and agents will not be liable for any errors or omissions and use of the software is subject to the customer s licence with Wolters Kluwer (UK) Limited. These FAQs should not be relied upon as a detailed specification of the system or the software. Wolters Kluwer (UK) Limited may make changes to these FAQs from time to time. Copyright These Release Notes may not be copied, altered, edited, disposed of or distributed without the prior consent of Wolters Kluwer (UK) Limited. The content is confidential. Unless indicated otherwise all elements of this software product are owned by Wolters Kluwer (UK) Ltd Wolters Kluwer (UK) Limited Trademark Rights Microsoft, Windows, Windows NT, Windows for Workgroups, Windows 98, 2000, XP, MS-DOS, Windows Vista, Windows 7, Windows 8, Windows 10, Windows Server, Microsoft SQL Server, and Microsoft Office, are either registered trademarks or trademarks of Microsoft Corporation. Novell and NetWare are trademarks of Novell Inc. Citrix MetaFrame is a registered trademark or trademarks of Citrix Systems, Inc. All rights reserved. All other trademarks are the property of their respective owners. Wolters Kluwer (UK) Limited 145 London Road, Kingston Upon Thames, Surrey KT2 6SR CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016 II

3 Introduction FRS 102 Webcast 6 The FAQs 7 KB3498 Heading for reserves doesn t show in a set of accounts. 7 KB3497 Duplication when exporting a trial balance. 8 KB3463 A related Party Transaction note is being printed where NO has been selected in #on KB Putting totals on the lead schedules 9 KB3447 Is there a formatted TB for FRS 102? 10 KB Can I get training on how to convert CCH Accounts Production clients to FRS 102? 10 KB Incorrectly printing the heading for Material Uncertainties in Going Concern in Accounting Policies 10 KB Online filing of FRS KB Multiple signatories on the directors report and balance sheet 11 KB Removing the year and currency symbols from the balance sheet continuation page 11 KB Detailed trading P&L page is not printing bank interest received line 11 KB #VALUE displays for some formulae 11 KB How do I select Chartered Accountant Ireland(CAI) 12 KB How to re-adopt FRS102 or IFRS 13 KB I have Detailed P&L formats in the Collection. How may these formats be excluded when produce abridged accounts? 13 KB Is it possible to produce FRS102 dormant accounts? 14 KB Are Lead Schedules for FRS102 currently available? 14 KB Is there a Five Year Summary report? 14 KB Addition fault in the Financial Instrument Note 14 KB Is TaxLink available for the Limited (FRS102) entity? 14 KB Is FRS102 Consolidation master pack available? 14 KB When will the FRS102 LLP master pack be available? 15 KB How can I convert my existing UK GAAP job to FRS102 or IFRS? 15 KB I am trying to adopt FRS102 during the year end routine, but see a message "cannot complete year end with a draft master pack." 15 KB I have previously created a cloned entity based on the UK Limited entity for UK GAAP. Can I now convert these jobs to FRS102? 15 KB How do I create an FRS101 job? 16 KB How do I create an FRS105 job? 16 KB When will Lead Schedules be available for the FRS102 Limited entity? 16 KB Is FRS102 Charity or Charity FRSSE 2015 available? 16 KB I want to import transactions or Trial Balance data into an FRS102 job, but only have a nominal mapping file for the old UK GAAP chart of accounts. 16 KB A problem with the VAT Control account occurs if it is a debit value posting through to the Creditors note on the FRS102 formats 17 KB Is it possible to convert an existing accounting period to FRS102 which has already been rolled forward as UK GAAP? 17 KB The FRS102 Profit & Loss format and Balance Sheet format use the variable "#TERMH2" in the Header tab of the Page Set Up screen. What is this and how can I edit it? 17 v III CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

4 KB I want to roll forward a data set which is FRSSE under UK GAAP. If I choose to adopt FRS102, what would it convert into? i.e. medium or small entities 17 KB Turnover note - there is one type of sale but it is printing the row for geographical market and that should be supressed if there is only one entry in turnover. Master Pack FRS102 Notes It is forcing an analysis of turnover but this should only be required if there is more than one type of turnover - which there isn't. 18 KB I have made a posting to nominal 6230 Called up share capital not paid and although this is reported correctly in the Debtors note, the Share Capital note makes no reference to it and is still headed up Allotted, called up and fully paid. Is there an entry I need to make somewhere in the Stat DB that I m forgetting about? 18 KB My FRS102 accounting period does not print the word profit or loss in the financial statements. How can I resolve this? 18 KB I have installed the Alpha release of the FRS102 Charity master pack but am unable to convert an existing UK GAAP Charity to FRS102 Charity 18 KB Please can you tell me if the Financial Instruments note is working correctly under FRS102. The "carrying amount of financial assets" contains 2 x other debtors figure and 2 x the staff loans figure. 19 KB I m trying to run the year end and adopt FRS102, but I get an error message Year End unsuccessful. conversion failed when converting the nvarchar value to data type int. 19 KB VAP director responsibilities disclosure when non-audited selected in statutory database (Republic of Ireland) 19 KB Is the company number necessary on ROI balance sheet? 19 CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016 IV

5 Introduction Our recent release of FRS102 has generated much interest with a good number of questions on how to get the best from this new Master Pack. Accordingly we have reviewed this feedback and put together this document containing a list of Frequently Asked Questions (FAQs). The document is a live document and as such will be regularly maintained and republished, each version containing a publication date in both the cover sheet and footer. The content of the document includes software quality issues, with work arounds where these exist. Please also refer to our Knowledge Base article number 2345, which holds the list of CCH Accounts Production Known Issues. V CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

6 FRS 102 Webcast We have published a webcast (broken into bite sized pieces for ease of viewing) which covers the process for a client reporting under UK GAAP making the transition to FRS 102 within CCH Accounts Production. The webcast will walk you through the year-end conversion process for the client, the procedure for entering and analysing sample FRS 102 transition adjustments and also covers new areas and functionality within the Statutory Database Click below to watch the webcast. CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

7 The FAQs KB3498 Heading for reserves doesn t show in a set of accounts. In a set of accounts the heading for the Reserves Note doesn t show. The contents in the Reserve Note is triggered by the selection on the Reserves Note display #bn contained in the Statutory Database. To resolve this matter please select Show complete notes and then preview the accounts again. 7 CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

8 KB3497 Duplication when exporting a trial balance. This is caused if the Rounding & Suspense settings (nee Nominal Roles) contain the same nominal code selected more than once. The fix is to adjust the nominal roles and repeat the export. In , it is no longer possible to select the same nominal code for two roles, so this issue will gradually disappear. (Also, a warning message is displayed on the errors and exceptions panel if this scenario is detected). KB3463 A related Party Transaction note is being printed where NO has been selected in #on Accounts Production is printing a Related Party Transaction note where NO has been selected in #on CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

9 The print condition in Note74 is incorrect, the reference for CLG in the statutory database is #clg1 and therefore the print condition for note74 should be: If #on999640<>f0 or #clg1<>0 then f1 else f0 endif KB Putting totals on the lead schedules There are no totals on the lead schedules, is there a way of forcing them out? This occurs in version Service Pack 3; the work around is to remove the print condition for that row in Column A. This issues has now been corrected in the latest release, version CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

10 KB3447 Is there a formatted TB for FRS 102? The formatted TB for FRS 102 is not yet available. KB Can I get training on how to convert CCH Accounts Production clients to FRS 102? Yes. Following the success of the events we held last year, we are offering a further six half day training events at locations around the country in March and April. Visit for more details and online booking. Click here to watch our webinars on FRS 102 If you prefer on site consultancy please contact your account manager or Professional Services. KB Incorrectly printing the heading for Material Uncertainties in Going Concern in Accounting Policies I have selected 'no' for Material Uncertainties in Going Concern in Accounting Policies in the statutory database. However, it's still printing the heading for Going Concern in the accounting policies note. CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

11 Select 'yes' on the option for Material Uncertainties then click on the free format text for going concern and then click clear button to clear the text. Now click on 'no' on the opiton for Material uncertainties. Note: You may notice there is similar issue in Impairment of Fixed Asset in the accounting policies note. KB Online filing of FRS102 Does Companies House accept FRS102 online filing? Companies House is not currently accepting FRS102 online filing. Our Quarter 2 (2016.2) release is expected to include this feature provided Companies House is ready. KB Multiple signatories on the directors report and balance sheet How can I have more than one signatory on the directors report and balance sheet? Currently it is necessary to add the second signature manually, an enhancement to deal with this will be coming in the next release. KB Removing the year and currency symbols from the balance sheet continuation page On the continuation page for the balance sheet the year and currency symbol show up, how can I remove these? To remove these, highlight row 2 and then right click and select remove title rows. There is an enhancement request to handle this scenario which is expected in the next release. KB Detailed trading P&L page is not printing bank interest received line This matter will be resolved in SP3. You may make the page local and delete the condition in cell A38. KB #VALUE displays for some formulae The Cash Flow Statement and Note display "#VALUE" for some formulae where this is the entity's first or second year of trading, or where no pre-comparative data has been entered. This arises because the cash flow tracks movements between current, comparative and pre-comparative periods. 11 CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

12 To work around this create a blank comparative (or pre-comparative) accounting period. For the first year of trading, also ensure that the "First Year" option is selected in the Statutory Database for the current accounting period. KB How do I select Chartered Accountant Ireland(CAI) ICAEW is the default Accountant s Professional Body in AP. How do I select Chartered Accountant Ireland(CAI) The new FRS102 master packs include Accountants Report paragraphs with the correct wording required for 6 different professional accountancy bodies: 1. Association of Chartered Certified Accountants (ACCA) 2. Institute of Chartered Accountants in England and Wales (ICAEW) 3. Chartered Accountants Ireland (CAI) 4. Institute of Chartered Accountants in Scotland (ICAS) 5. Institute of Incorporated Public Accountants (IPA) 6. Institute of Certified Public Accountants (CPA) Within the Statutory Database, you may select the correct body by entering the corresponding number into the grid as shown below. This will refresh the Statutory Database and trigger the correct paragraphs to be automatically selected in the Accountants Report section. CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

13 There is a task permission applied to this node, #Client #Can Edit Accountancy Body. Only users who have this permission may amend the value. Additionally, you can specify a default value for your firm which will be applied to any new clients that you create in CCH Accounts Production. Open Maintenance > Accounts > Statutory Database Defaults and use the drop down list to select the correct default for your firm. KB How to re-adopt FRS102 or IFRS If you ever need to go back to the original UKGAAP job and re-adopt FRS102 or IFRS, it is possible as follows: First, you must delete the existing FRS102 or IFRS accounting periods. From the Client screen, select the Accounts Production tab. Untick the "Hide Comparative Only periods" option at the bottom of the screen. You should see 3 periods that use the FRS102 master pack or IFRS. Open the most recent of these three periods. Click "Delete Current Period". Repeat the above step twice more to delete all three of the FRS102 or IFRS periods. You can now load the latest UKGAAP period, and run through the Year End routine again. KB I have Detailed P&L formats in the Collection. How may these formats be excluded when produce abridged accounts? You should use this print condition {#abbr1=0}, as shown below: You can see that the format will only print if the user has selected Financial Statements for Members. It will no longer print if they have selected Medium Company Reduced Filing or Small Company Reduced Filing. 13 CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

14 KB Is it possible to produce FRS102 dormant accounts? This module is not yet available. KB Are Lead Schedules for FRS102 currently available? The lead schedules will be available in SP3 due for release in March KB Is there a Five Year Summary report? This report is not available yet. KB Addition fault in the Financial Instrument Note This is software issue reference ITS is double counting in the name range FIADEBT. The following work around may be applied; replace the command in cell H6 with: =IF(AP("{#bn }")=0,AP("[a,*FIADEBT]")+AP("[Dval,a,*CASH]")- AP("(a,7433)"),AP("{#bn }")) KB Is TaxLink available for the Limited (FRS102) entity? The TaxLink screen, used to share Accounts Production balances with Corporation Tax, will be available in SP3, due for release in early March KB Is FRS102 Consolidation master pack available? The ability to produce full statutory accounts for FRS102 Consolidations is available in SP2, provided that you have a licence for the Group module. As well as loading SP2, you must add a configuration key in Central as described below: Select Maintenance Select User Defined Select Configuration Enter the key AccountsShowConsolidationFRS102Entity Set the key value = 1. Please note for a FRS102 consolidation, all the subsidiaries and parent companies for that group must have adopted FRS102. CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

15 KB When will the FRS102 LLP master pack be available? The FRS102 LLP master pack will be available in SP3, due for release in early March KB How can I convert my existing UK GAAP job to FRS102 or IFRS? CCH Accounts Production version and above allows you to easily and quickly convert your existing UK GAAP jobs to FRS102 jobs. This is easily done as part of the year end routine where the FRS102 adoption process can be selected. Should you require, full details and a step by step guide are provided in the Appendix of the and Release Notes found on our web site. To convert UK GAAP to IFRS you will need ot have purchased the licence for the IFRS module. Ensure that you are running AP or above too and have added in the configuration key AccountsShowIFRSEntity with a key value = 1. This will allow users to create IFRS client and also convert UK GAAP clients to IFRS during the year end routine.. KB I am trying to adopt FRS102 during the year end routine, but see a message "cannot complete year end with a draft master pack." Before running the year end routine, please make sure that: The accounting period you are year ending is using a published master pack version. The latest version of the FRS102 master pack has been published. To publish a master pack version, open Maintenance > Accounts > Master Pack Publish, then highlight the latest Version and click on Publish underneath Tasks. KB I have previously created a cloned entity based on the UK Limited entity for UK GAAP. Can I now convert these jobs to FRS102? CCH AP allows you to convert any existing entity to the new FRS102 master pack. You will first have to define the required entity mapping(s) via the Maintenance > Accounts > Master Pack Conversion screen. Full details are given in the Release Notes on page CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

16 KB How do I create an FRS101 job? In order to create an FRS101 job, you must first have a licence to use the IFRS module. Then, within the Statutory Database of the IFRS company, tick the option under General > Implementation of FRS101. KB How do I create an FRS105 job? FRS105 is not yet supported in CCH Accounts Production. It is expected to be available in the release. Please continue to use either UKGAAP Micro or UK GAAP FRSSE KB When will Lead Schedules be available for the FRS102 Limited entity? The Lead Schedules are expected to be available in the SP3 release, expected in early March 16. KB Is FRS102 Charity or Charity FRSSE 2015 available? The Charity master pack does not support FRSSE The new FRS102 Charity master pack is available as an alpha release in AP SP2 and will be on general release in AP SP3 (March 2016). KB I want to import transactions or Trial Balance data into an FRS102 job, but only have a nominal mapping file for the old UK GAAP chart of accounts. The application provides updated nominal mapping files from certain 3rd party products to the new FRS102 charts in AP. However if you have created your own nominal mappings to the original 3 or 4 digit UK GAAP charts, there is a tool that will update these so they map to the new FRS102 chart, thus saving you from setting up a new mapping manually. This tool is accessed from Maintenance > Accounts > Import/Export Definition > Nominal Mapping Converter. Full details are on page 20 of the AP Release Notes. CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

17 KB A problem with the VAT Control account occurs if it is a debit value posting through to the Creditors note on the FRS102 formats This issue is currently being investigated and will be resolved fixed in a future release. KB Is it possible to convert an existing accounting period to FRS102 which has already been rolled forward as UK GAAP? If you have not yet processed any data in the most recent UK GAAP accounting period, you may delete it before repeating the Year End, this time choosing to adopt FRS102. If you have already processed a significant number of transactions in the most recent UK GAAP accounting period, you may wish to export the transactions first, so that they can subsequently be imported into the FRS102 accounting period and avoid rekeying. KB The FRS102 Profit & Loss format and Balance Sheet format use the variable "#TERMH2" in the Header tab of the Page Set Up screen. What is this and how can I edit it? The use of #TermX allows the software to vary the description of a term between the Companies Act term (eg "Stocks") and the IFRS equivalent term (eg "Inventories"). Term"H" just tells the application that the term is contained in the Header of a format. The header formula #TERMh2 and #TERMh1 are derived from the list displayed on the Compliance Terminology screen. No row is shown for the H terms, but they are the same as their non-h equivalent. In Maintenance > Accounts > Compliance Terminology, you can view and amend the terms if required. #term1 = Balance Sheet and #term2 = Profit and loss account for Companies Act terms. KB I want to roll forward a data set which is FRSSE under UK GAAP. If I choose to adopt FRS102, what would it convert into? i.e. medium or small entities Note that for accounting periods commencing on or after 1 st January 2015, existing FRSSE jobs are allowed to continue using the FRSSE and do not have to adopt FRS102 until their 2016 periods. If you decide to adopt FRS102 anyway, by default the job will apply full FRS102, but you may wish to select the Small Companies Exemption option with tin the statutory database. FRS102 allows for several reporting options and full details can be viewed in the Release Notes Appendix CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016

18 KB Turnover note - there is one type of sale but it is printing the row for geographical market and that should be supressed if there is only one entry in turnover. Master Pack FRS102 Notes It is forcing an analysis of turnover but this should only be required if there is more than one type of turnover - which there isn't. This is software issue reference ITS for the present it is necessary to supress this row using =AP("RS") in column A of that row. KB I have made a posting to nominal 6230 Called up share capital not paid and although this is reported correctly in the Debtors note, the Share Capital note makes no reference to it and is still headed up Allotted, called up and fully paid. Is there an entry I need to make somewhere in the Stat DB that I m forgetting about? This is software issue reference ITS KB My FRS102 accounting period does not print the word profit or loss in the financial statements. How can I resolve this? This is an issue and affects FRS102 accounting periods created prior to master pack To resolve it, simply open the accounting period, go into the Statutory Database and select General> Client Preferences > Companies Limited by Guarantee and switch the value to Yes then back to No. This simple workaround will trigger the words Profit and Loss to be visible on the Financial Statements. KB I have installed the Alpha release of the FRS102 Charity master pack but am unable to convert an existing UK GAAP Charity to FRS102 Charity A hotfix to resolve this issue is available upon request from our Accounts Production support team. CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL

19 KB Please can you tell me if the Financial Instruments note is working correctly under FRS102. The "carrying amount of financial assets" contains 2 x other debtors figure and 2 x the staff loans figure. This is software issue reference ITS 54685, the issue is that the FRS102 Posting to 7433 incorrectly doubles up figures in the Financial Instruments note. The workaround to this issue is described in our Known Issues document (KB article 2345) as follows: Either make any affected formats local and type the correct value, or amend the Name Range at a Practice level to remove the duplication CFALRCBL should be changed from: Z Z to Z KB I m trying to run the year end and adopt FRS102, but I get an error message Year End unsuccessful. conversion failed when converting the nvarchar value to data type int. This is software issue reference ITS SP2. The issue is scheduled to be fixed in SP3. In the meantime a script to resolve this issue in the interim is available in Knowledge Base article KB VAP director responsibilities disclosure when nonaudited selected in statutory database (Republic of Ireland) Republic of Ireland- I have selected non-audited in the statutory database. In VAP the director responsibilities used to be disclosed in the directors declaration report. For non-audited accounts the Director s responsibilities should be disclosed in the balance sheet. KB Is the company number necessary on ROI balance sheet? To stop the company number showing on the ROI balance sheet place this command in cell A113 please add this command =IF(AP("#region")=2,AP("rs"),"print") this will stop that row from print if the region is for Ireland. This has the quality issue reference ITS CCH ACCOUNTS PRODUCTION SP2 FAQS FOR FRS102 APRIL 2016