This update includes the latest versions of the Accountants Suite modules:  Tax 1.0.0.13, Trusts 1.0.0.7, CT 6.0.0.12, AP 5.0.0.15 are all included.

Running the update

1. Ensure that you have taken a recent backup of your Keytime data prior to running the update. Instructions on how to back up can be found at http://support.keytime.co.uk/forums/97419/entries/90415-backing-up-your-keytime-data
2. Close all Keytime software
3. Download the update choosing Run (or Save if you wish to store the file to update other computers in your office) from:  Manual download
4. Alternatively, you can update from within Client Manager by going to Help // Update Accountants Suite.
5. Open the update and follow the on-screen prompts.  Click Next until the files copy.  Click Finish when prompted to close the installer.
6. Restart the PC if prompted.
7. Open your any Keytime module and you should find it is the latest version by checking [ Help // About ]

New features and fixes in this update

Overview

This update contains some important changes for Accounts Production, Corporation Tax, Tax and Trust Tax applications. 

Corporation Tax has been updated to enable you to file returns at the new 26% rate and accounting periods post 31 March 2011.  Please note that the update is in anticipation of HMRC updating their filing system; we understand the updated system will be live on 11 October 2011.  Get details of Gateway availability here: http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageNoNavigation_ShowContent&id=HMCE_MIG_009921&propertyType=document#P44_5558

The rounding routine in Accounts Production has been completely overhauled; year-end will now bring forward unrounded balances and differences between the current and previous year balances caused by rounding inconsistencies have been eliminated.  To enable us to balance the accounts and keep the values consistent between years it has been necessary to nominate a rounding account for the balance sheet, which is set to account 5400 Trade creditors less than one year by default.

From April 2012, we will be changing the way in which we apply the year end routine to Tax and Trust Tax and the way in which you access Tax returns; this build lays down important features that will help facilitate those changes.  Please read the details below to find out what changes are planned and how you can start to prepare for them.

Tax and Trust Tax

The year-end routine will be overhauled for the April 2012 release of Tax and Trust Tax.  Currently, you can perform a year end by clicking on the previous return, which brings forward the data into a new return.  We’re making this simpler – instead, you will have an option to create 2012 returns for all active clients, i.e. all 2011 tax returns that have not been flagged as ‘no longer acting’ (see below).  We will also be changing the way in which you view clients and open a tax return; the main ‘open return’ screen will be replaced with a list of clients, you will open the client and see all tax returns for that client.

Important:  A ‘No longer acting’ flag has been added to individual returns; tick this box if you no longer submit tax returns for this client.  A tick in this box will tell the system not to create a tax return for this client when the Tax 2012 update is applied in April 2012.  A future build of Client Manager will interact with this flag; you will be able to archive a client entirely across all modules from Client Manager, or you can remove the tax job only by clicking the ‘no longer acting’ box in Tax. 

You can find the ‘no longer acting’ flag by going to the open return screen, click the client and click the Client Details tab; the ‘no longer acting’ flag is in the bottom left of this screen: 

Accounts Production

The rounding routine has been overhauled to take care of submission errors generated by discrepancies between carried forward and brought forward balances in the balance sheet.  The year- end routine now brings forward unrounded values and account 5400 has been nominated as the balance sheet rounding account.  You can amend this rounding account by clicking the Options menu, select Configure, Rounding.

Additional Validation when Generating XBRL Accounts

The system will now validate carried forward and brought forward balances and alert you to any differences.  A discrepancy of this kind is the most likely cause of error 3314: duplicate fact value; the error message will indicate that an iXBRL tag has been used more than once, but the values tagged are different.  You will need to correct the error before the accounts can be generated.  An option to correct any rounding errors has also been added and can be found in the Options menu.

The directors’ report is mandatory for submissions to HMRC, so the system will check and prompt you to include the directors’ report and date of signing if it is missing.

Loans to Directors

This note is now generated in columnar format from details entered into the director’s loan form.  The form can be found by clicking the blue button to the right of the Loans to Directors note in the Notes tab.  The necessary elements are pre-tagged for iXBRL.

Other Changes

Additional account codes covering directors’ remuneration have been added to the Cost of Sales section of the ledger.

An accounting policy has been added for pension costs.

It is now possible to Tab backwards as well as forwards in the journal entry screen.