How to enter Payments on Account and marking them as PAID

Introduction

Payments on account and contributions made towards them are recorded in the client account which is accessed via the Administration menu within IRIS Personal Tax. The client account is used

• To keep track of all payments a client makes to the HMRC and

• To make comparisons to the HMRC financial statements.

IRIS will calculate payments on account due for the following tax year based on the current year liability. If the client is new the previous year’s payments on account due must be added to the system so they appear on the tax computation and affect the balancing payment due on the 31st of January.

The client account in essence works by entering debits and credits and then matching corresponding entries together.

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Entering_a_Payment_on_Account_Due

Marking_a_Payment_on_Account_as_PAID

Example

A new client has been set up within Personal Tax, the tax computation shows payments on account due to be made in January and July along with the balancing payment but the client has made payments on account in January and July of , these can be entered into to the system as follows:

Entering a Payment on Account Due

1. Log on to IRIS Personal Tax and select the client.

2. From the Administration menu select Client Account.

3. Click Insert.

4. Select option A OAC1 1st payment on account due from the Selecting Posing Type screen.

5. Click Select.
   
   
   

6. Select the relevant year end, in this example select 5.4.11, then enter the amount which was due to be paid on the 31st of January 2011 and click OK.

7. Click Insert, select option B OAC2 2nd payment on account due

8. Select the relevant year end, in this example select 5.4.11, then enter the amount which was due to be paid on the 31st of July 2011 and click OK.

Each of these payments on account due will now appear within the payments due section at the bottom of the tax computation report.

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Marking a Payment on Account as PAID

1. Log on to IRIS Personal Tax and select the client.

2. From the Administration menu select Client Account.

3. Click on the payment on account due entry, click Payment , enter the date that the client made the payment and the amount contributed within this screen.

4. Click OK.
   
   
   

5. Repeat for the second payment as required

The payments on account due will not show as (PAID) on the final tax computation report

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