We are delighted to announce that we are continuing to deliver more advanced functions for our users that will save significant amounts of time and will help improve month-end processes.
Making Tax Digital: AccountsIQ is MTD-Ready
AccountsIQ’s software was updated with the functionality to allow users to submit VAT returns digitally earlier this year. A number of clients have already tested submitting VAT returns digitally through our software to HMRC and we are listed on the HMRC web site as a Making Tax Digital compatible software vendor.
Watch our Making Tax Digital video guide to submitting VAT returns digitally.
New features ready to use now:
Deferred Revenue Journals
This new feature allows for the proper accounting of an advance lump sum Billing to a Customer and the smoothing of the consequent revenues over a number of future periods.
Example: if you have a contract with a Customer to deliver Maintenance or Support Services, you may wish to Invoice the Customer in advance either Annually or Quarterly. You can process the Invoice (and its subsequent payment) as normal, but spread the Revenue Income over several relevant future periods. Other examples might include Annual Rental in advance, advance Deposits, Licence Fees, School Fees, etc.
GL Journals Manager
We’ve introduced a nifty new feature to the GL Journals Manager screen that enables a user to flag a journal as a ‘favourite’ and then filter for it afterwards either using the saved filter provided or else via the grid. This is useful if there are regular monthly journals to be retrieved, copied and then edited as the basis for a new journal, such as payroll journals.
New Expenses App
Our new App is now live and will save users a lot of time. It will be made available for clients already using the Workflow Approval module that have the correct level of access set up. It integrates to the finance ledger and can be included in payment runs once approved.
Here’s what the App does:
- Capture via smartphone a photo of expense item or receipts
- Add in expense category coding including use of fixed expense items that can be locked [e.g. Subsistence Rate]
- Tag to a project/job/BI code for reporting purposes
- Submit as part of a claim for approval to line manager.
- The claims can then be routed via our approvals app to the relevant line manager for approval
- Integrates with the finance ledger and can be included in payments runs once approved.
Coming Soon from AccountsIQ
Almost ready is new functionality to enable users to spread accrual journals over multiple periods in one go, so that un-invoiced expenses or revenues can be recognised in those periods in the P&L. It also provides an easy way for users to review (for a particular period) what accruals are now due for reversal, and to identify and match invoices against those accruals to allow them to be reversed. This will eliminate the manual exercise of matching posted invoices to accruals and working out which accruals can
now be reversed.
We’re at the final stages of rebuilding the way in which budgets are imported and reported within the system to make it even easier for users. We’re adding a new facility to download a Budget Template in Excel which you can use to populate your budget values.
New Invoice & Statement Layouts
Finally, an enhanced set of statement, quote, order, invoice and receipt layouts will soon be released across the platform.