Profit on the Partnership Return and Partners Profit share report does not match the Trade Computation.
- Article ID
- profit-on-the-partnership-return-and-partners-profit-share-report-does-not-match-the-trade-computation
- Article Name
- Profit on the Partnership Return and Partners Profit share report does not match the Trade Computation.
- Created Date
- 20th April 2020
- Product
- IRIS Business Tax
- Problem
- Profit on the Partnership Return and Partners Profit share report does not match the Trade Computation.
- Resolution
-
The reason is because the private use adjustment on a motor vehicle, is not updating on the partnership return – causing the figures not to match. This issue has been raised with the Development Software Team and is being investigated. However, a workaround has been provided below.
Please could you do the following to resolve your issue: –
- Go to Business Tax for the client
- Go to Trades at the top of the screen
- Partnership | Overwrite/Leave – set this to NO
- Then go to the yellow folders located along the left side of the screen
- Trading and Professional Income
- Capital Allowance Summary – and make the relevant adjustments in here
- Then Refresh Personal Tax
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