Version 2 Detail Changes

The Limited Liability Partnerships version 2 template includes the following changes:

Financial Period
Categories: The 'round independently' property on categories has been amended - see separate section below on Rounding for further details on the Rounding mechanism.

Spell Check: New spell checking functionality has been added. Options to select a dictionary and tailor a list of ignored words are available under Spelling on the Financial Period menu. A default list of ignored words has been included in the template which can be added to/amended as required. When a report is run, any words not included in the dictionary or the ignored words list are underlined in red. They are also shown in a new Spelling Warnings section in the Warnings Tree pane. To enable the spell check within an entity you will need to add the appropriate dictionary via the Financial Period | Spelling | Select Dictionary menu option.

Warnings: New checks have been introduced to ensure that:
  • The Profit Allocation code is an existing code.
  • All codes are assigned to the Balance category at the account assignment stage.
Summary
The Client Details section of the Summary tab contains the following changes:
  • The Auditor dialog has a new tick box entitled Auditor's information on cover page. This is ticked by default, un-tick if this information is not required.
Import/Accounts assignment
Two new sections have been added to the Import/Account Assignment tab:
  • Opening Balance Assignment: Click the link in the same name to open an Opening Balance Assignment dialog which has a new import link to import files from Excel, or link to other entities in the database.
  • Profit Allocation: Click the links to open dialogs for Fixed Profit Share, Profit Share Percentages by Date and Profit Allocation.
    • Please note that a journal will be automatically posted based on the Profit Allocation disclosure.
    • Please note that as clients will use the new Profit Allocation feature going forward, there are some changes to the Amounts due to members in respect of profits tab on the Analysis of Loans and Other Debts Due to Members disclosure:

        Fixed share of (profits)/losses: Will be automatically populated from Profit Allocation | Fixed Profit Share (Total, per member).

        % profit share: Will be automatically populated from Profit Allocation | Profit Share Percentages by Date, Percentages by Date (per member).

Journals
A new classification, Prior Period Adjustment (Restatement), has been added to the Journal Classification dialog. Clients that need to amend prior period figures can post the journals, the figures will flow in the reports and will show 'As restated' accordingly.
There is now a Profit Allocation journal on this screen that is automatically posted based on the Profit Allocation disclosure (See Import/Accounts assignment above).
Disclosure
The Presentation section on the Disclosure tab contains the following changes:
  • Show "continued" on page/note headings: Two options have been added to the Presentation dialog to add the word "continued" to reports if required.
  • Number and Date Format: This has been added to the Presentation section enabling the configuration of values and currency within the application, rather than via your computer settings. Click Number and Date Format to enter your configuration via the Number and Date Format dialog. This dialog should only be used if you require different settings to your computer default for the entity.
  • Strategic Report and Member's Report: This section has been updated to account for the changes implemented in the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013. This includes updated status panel text advising of the changes applicable to accounting periods ending on or after 1 September 2013, and the greying out of sections that are no longer required.
Additional Disclosures
A new Additional Disclosures tab replaces the Additional Items disclosure to enable users to customise their reports.
Please note that as clients will use the new Additional Disclosures feature going forward, there are some changes on existing Disclosures:
Disclosure | Additional Items replaced by Additional Disclosures tab | Show Old Additional Items. Review the existing additional items by ticking the Show old additional items box, clicking OK and then clicking the Refresh button.
Reports
The following report changes have been made:
  • Accounts reports have been updated for the changes implemented in The Companies Act 2006 (Strategic Report and Members' Report) Regulations 2013 applicable for accounting periods ending on or after 1 September 2013. The business review is no longer included in the Members' Report, but now forms the Strategic Report. The principal activity, asset values, charitable donations and creditor payment policy report elements have been turned off by default. The report title has been updated to refer to the Annual Report rather than the Members' Report.
  • The scope of the audit of the financial statements paragraph in the Independent Auditor's Report has been updated for periods beginning on or after 1 October 2012.
  • Reports referencing the new FRSSE 2015 have been updated for periods beginning on or after 1 January 2015 so they remain legislatively compliant.
  • All reports updated to:
    • Read restatements from postings made by the new journal classification.
    • Utilise the Advanced Smart table editor.