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How do I enter 'Actual' amounts for Partner Profit Shares?

Article ID
ias-2963
Article Name
How do I enter 'Actual' amounts for Partner Profit Shares?
Created Date
4th September 2006
Product
IRIS Accounts Production
Problem
How do I enter 'Actual' amounts for Partner Profit Shares or override the caluclated Partner Profit Share percentages entered via Edit | Partner Profit Shares?
Resolution
Select, Posting | Select, select the Post File and click [OK]. Click [OK] on the Review/Specify Posting Batch screen. Select, Advanced | Partner Profit Share NOTE: IRIS may ask for confirmation of the start date of the current period, by displaying the previous period end date, then adding one day. Use the magnifying glass to select an alternative account period end date if required. Click [OK] to continue or [Cancel] to enter an earlier date or return to the posting screen. A list of Partners will then be shown with the ‘Actual’ share based on the percentages allocated in Edit | Partners Profit Shares. The Partner Profit Shares can be amended for an individual partner by highlighting the Partner and selecting [Change Share]. Alternatively select [Change All] if the Profit allocation is to be changed for all Partners. Enter the amount to be allocated to the selected Partner in the ‘Actual’ field (The Actual from percentages then becomes the ‘Calculated’). NOTE: If the figure is a ‘Profit’ the amount should be prefixed with a minus sign. Clicking the magnifying glass in the ‘Actual’ field will either: 1. Insert the amount of Profit share calculated by IRIS OR 2. Insert the balance of the remaining Profit when actual amounts have been entered for all but the final partner. Click [OK] to save or [Cancel] to return to the Partner Net Profit Shares screen. The next screen will show the ‘Current allocation’ for the business. Note: The figures for the ‘Total Profit/Loss’ and the ‘Share total allocated’ MUST be the same. Select [OK] on the Partner Net Profit Shares screen to return to the main posting screen. At this point if the totals do not agree (as above) a ‘User Allocated Profit Shares Ignored’ message will appear and the details entered will not be saved.

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