Revenue announce phase 2 of Mandatory iXBRL filing

Yesterday the 25th of June 2013 Revenue announced that  Corporation Tax returns submitted after 1/10/2014 in respect of accounting periods ending on or after 31/12/2013 for companies over the audit threshold, as detailed in the companies bill 2012, must be filed with iXBRL accounts.

The threshold is detailed below

  1. The balance sheet value of the company does not exceed €4.4 million;
  2. The amount of the turnover of the company does not exceed €8.8 million; and
  3. The average number of persons employed by the company does not exceed 50.

Presently only companies dealt with by the revenue LCD (Large cases division) Must file corporation tax returns with iXBRL accounts.

In 2014 revenue will announce mandatory filing for all companies starting in 2015.

The introduction of mandatory iXBRL filing will certainly cause issues for some companies and accountants who are ill prepared or still preparing accounts using excel and word as opposed to an accounts production package. But for the bulk of technology savvy accountants I don’t foresee many issues.

 

 

Xero Accounts – Bank Reconciliation button disappeared

If your using Xero and you notice that the bank reconciliation button has disappeared this simply means that all transactions have been reconciled.

If you feel the need to double check this you can click manage on the account click reconcile there

Invoice numbers on Wave accounts

If you migrate an existing business to Wave accounts, or are starting to use wave accounts for your new business. You may need to start your invoices numbers with something other than the default 1. To do this:

When you raise your first invoice using Wave accounts , hold your mouse over the invoice number 1 and you will see a small marker icon. Hit this icon and change the invoice number to the next invoice on your list if an existing business. The next time you use wave you will find that the invoice number has increased by one keeping your sequence.