Record LLP member profit share

Product subscription required: IRIS Elements Accounts Production Professional

Use the Profit Share tab to can record the share of profits for an LLP. This displays the Total profit or loss, together with member names and any amounts not allocated. You must configure the share, either by percentage or a specific amount.

1. From the Clients menu, select Clients list then find and open the required client.If any of the entries are greyed out and you cannot select them, this is a restricted client — the client record has been set to Private and you do not have access. Contact your IRIS Elements administrator if you believe this is a mistake.
2. From the Accounts production widget on the Dashboard, select the required accounting period. Ideally, select the latest / newest period.

   If a relevant account period does not exist, you must create and set up one first.

3. Select the Profit Share tab.
4. Select View/edit profit share or select the linked Total value for Profit / Loss share.
5. By default, the member share period matches the accounting period. If additional share periods are required, enter the closing date in the date box provided. Select Add new share date.
6. Choose whether the profit is shared according to Percentage % or Specific amount £.
7. Enter the relevant values in the fields for each member.

   If a profit has already been calculated, the share is automatically calculated for each member. Use the Unallocated value to make sure all profit is shared.

8. To save but continue working in this interface, select Save, otherwise select Save & Close.

   If a profit has already been calculated, the share is now displayed for each member.