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