Business Tax- Partnership profit share but % split is incorrect
Article ID
business-tax-partnership-profit-share-but-split-is-incorrect
Article Name
Business Tax- Partnership profit share but % split is incorrect
Created Date
24th May 2024
Product
Problem
IRIS Business Tax- Partnership profit share but % split is incorrect on the reports etc
Resolution
1.Load the client in Business tax and select relevant period:
2. Go to: Trades-Partnerships
3. Overwrite leave alone-If this box says No Leave alone then select Yes Overwrite and press Ok.
4. Run the tax comp/return and check the figures.
5. If the comp/return figures still do not agree, please go back to Trades-Partnerships-Overwrite leave alone-Press No Leave Alone, then Trades-Partnerships-Override return Totals – Choose the period – Click the override box and amend the amounts. Now run the reports and check the values are now correct.
6. If now correct and you need to refresh this data to PT for each partner, Click Refresh PT data. Then load PT and the clients and check their partnership values. If you are already on the partner, close and restart PT so it refreshes and picks up the updated information.
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