Setting up the Partners or Members and the Profit Share

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Setting up the Partners or Members

1. Select Edit | Partners or Members

2. Click New.

3. Click the magnifying glass next to the Partner or Member option. If the person already exists on the database simply select them from the list.  

Alternatively:

1. 1. Click New to create a completely new person on the database.

   2. Click Next and enter the persons details.

   3. Click then Next again and select the client categories if used.

   4. Click Next.

   5. After reviewing the details select Finish.

   6. Enter a unique identifier for the partner or member.

   7. Click OK.

If you wish to create a business as a partner or member, when viewing the list of current people on the database, select the businesses option and de-select people.

4. Enter the dates the partners or members started or left the business if relevant and the accounting order number.

All partners or members must be allocated an order number, unless you are setting up a joint capital account.

The Accounting Order field is used to determine:

1. • the order in which the partners or members appear on the information sheet

   • which group in the accounts chart the partner's or member's salary, and so on, is posted to.

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Entering the Partners/Members Share of Profit

1. Select Edit | Change | Partners or Members profit shares

2. Select Shares.

You will be asked to enter the Date partner or member net profit shares are to be effective from.

1. • If you have not entered start dates for the partners or members this field can be left blank and shares will be effective from 'start'.

   • If start dates were entered for the partners or members enter that date as the date the shares are to be effective from.

You will then be asked to specify the profit shares.

1. • If the profit is shared equally select Equal and click OK.

   • If the profit is not shared equally select Specified and enter the percentage in the field provided.

3. Set the profit share for each individual partner or member.

4. Click Shares to display the partners 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 or member.

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