The January 2025 Compliance Release Notes have the below introductions:
- Ireland - Company - Tax Note
- UK and Northern Ireland - Company - Accounting Error Analysis Report
- UK and Northern Ireland - Company - Nominal Code
- Ireland - Charity - Overall Certificate
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Ireland - Farmer - Unaudited Letters of Engagement and Representation in the Documentation Pack
Ireland - Company - Tax Note
A new amendment has been made as per Article 4 of the Constitution of the Irish Constitution. This clearly stated that " the correct legal name of the State, when using the English language, is Ireland instead of Republic of Ireland". From now on in new datasets if the 1st Geographic Market (ROI) is set as Ireland, then the tax note generated on the accounts would be displayed as the same.
The placement of the amendment can be found by navigating to Compliance Database > Profit and Loss > Turnover > 1st Geographic Market (ROI).
UK and Northern Ireland - Company - Accounting Error Analysis Report
We have made additions to the Accounting Error Analysis Report, intended to assist you in addressing accounting and disclosure errors encountered during the preparation of accounts with ease and expertise. Upon completing the accounts, if you encounter any such errors, you will be able to access the Accounting Error Analysis Report in the Produced Accounts section. This report will provide comprehensive guidance, including detailed instructions, underlying equations, and validation rules, to help you resolve these errors effectively.
In the second phase of our release, we have identified and considered the following ten accounting errors. Each error has been thoroughly evaluated with proper formulas to ensure accuracy and reliability before the finalization of books of accounts.
| Sl No | Accounting & Disclosure Error Note Name | Section |
| 1 | Sales/Turnover Notes Error | Notes to the Accounts |
| 2 | Exceptional Items Notes Error | Notes to the Accounts |
| 3 | Amounts Written off investments Notes Error | Notes to the Accounts |
| 4 | Interest Payable Notes Error | Notes to the Accounts |
| 5 | Equity Dividends Notes Error | Notes to the Accounts |
| 6 | Long-Term Loans Notes Error | Notes to the Accounts |
| 7 | Pension Costs Actuarial gains Notes Error | Notes to the Accounts |
| 8 | Total subordinate loan Notes Error | Notes to the Accounts |
| 9 | Sinking fund reserves comparative balances Notes Error | Notes to the Accounts |
| 10 | Sinking fund reserves current balances Notes Error | Notes to the Accounts |
UK and Northern Ireland - Company - Nominal Code
We have introduced two new Nominal Codes under Company 1.4 Template Amendments. The Nominal Codes are displayed under the Chart of Accounts by default. They appear as 122 - Closing Stock (non-trading) and 160 - Legal and Professional Fees.
Ireland - Charity - Overall Certificate
A new amendment has been made under the Charity Template. This change indicates that if Is the Charity a Charitable Company? field is checked under Compliance Database > Client Details > Key Information and the Country of Incorporation is set as Ireland, users can generate an Overall Certificate from Produce Accounts.
The Overall Certificate can be previewed using either the option Preview Accounts in the inline menu or by double-clicking on the certificate. The users can directly send the certificate to an email, and save it as a PDF or Word version.
Please note that, if the Word version is generated, any changes made there would not reflect in our application.
Ireland - Farmer - Unaudited Letters of Engagement and Representation in the Documentation Pack
We have introduced unaudited versions of the Letter of Engagement and Letter of Representation into the Documentation Pack for the Farmer template.
To view the non-audited versions of the letter of engagement in the Documentation Pack, select Show Engagement letter under Documentation Pack > Engagement Letter. You can modify all the sections of the letter as per requirement.
To view the unaudited versions of the letter of representation in the Documentation Pack, select Show Representation letter. Under Documentation Pack > Representation Letter. You can modify all the sections of the letter as per requirement.
The Documentation Pack module will view the non-audited versions of the Engagement Letter and the Representation.