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When a new partner or member joins a business you need to set up a new share date to reflect the inclusion of the new partner or member into the profit allocation.
All active partners or members must be allocated a share of profit even if they receive zero percent this must be specified by ticking the Zero field for that partner.
Enter the new partner in Edit | Partners or Members, enter their start date in the From field.
Enter the new partner or member A/C Order number.
The screen will display the two existing partners or members along with the new partner or member.
Select Partner or Member Profit Shares. IRIS will display the existing profit share.
Select the line from xx/xx/xx (being the start date of the new partner or member), and select Shares.
Enter the new profit allocation for all partners or members. The screen shows that from the start date of the new partner or member, there are now three partners sharing the profit.
Select Shares to see the percentage of the profit allocated to each partner or member.