Share Allocation Errors

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Partnership/Share Date Conflict OR Account Order Error

If an error appears when running a report saying 'Partnership/share date conflict OR account order error' then check the following:

Have all the partners or members been allocated an order number?

All partners or members must be allocated an order number unless you are setting up a joint capital account. To set up the order numbers select Edit | Partners or Members, highlight the partner and select View and enter the number in the A/C Order field.

Are the partner or member profit shares from 'Start(?)'

'Start' should only be used where the partners that were in the business from the start have no start date entered. Either, take out the start date for the relevant partners or members, or set up a new share date effective from the start date you have entered for the partners or members.

Is this a joint capital account?

For a 2 partner or member joint capital account the screens should appear as 1 partner sharing, 100%, all shares set.

• The number of partners or members sharing will be one as there is only one capital account, if you have two here the joint capital account has been set up incorrectly.

Select Shares, the screen should appear as the Identifier of the 1st partner or member (that is, the one with the Acc Order), the partners names, for example, Mr and Mrs A Smith, type joint, share = residue (or a % if the profit split is not equal) and Acc. Order should be the relevant order number for the 1st partner.

• The joint partners or members should be shown together on the same line. If one of the partners or members is also shown separately on this screen, highlight that partner or member and select Delete Share.

Click here for more help with setting up a joint capital account.

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Shares from xx/xx/xxxx to xx/xx/xxxx Incorrect

If an error appears when running a report saying 'Shares from xx/xx/xxxx to xx/xx/xxxx incorrect' (the dates being whatever date period is incorrect) then check the following:

Has there been any partnership changes? For example, have any partners or members joined or left the partnership. If so, then new profit allocations should be set up for each relevant date of change in the partnership.

Select one of the following for more information:

• New partner/member appointed during the period

• Partner/member resigned / died during the period

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From xx/xx/xxxx Profit Share NOT 100%

If an error appears when running a report saying 'From xx/xx/xxxx profit share NOT 100%' (the date being the relevant share date which is incorrect) then check the following:

Do the shares equal 100%?

1. Select Edit | Partners or Members Profit Shares,

2. Select the period end and click OK.  Check the Total of % share column shows 100% for all share dates.

Have you entered the share percentages to decimal places?

1. Select Edit | Partners or Members Profit Shares

2. Select the period end and click OK.  

3. Select Shares, this will display all the partners or members and their percentage profit share.

4. Highlight one of the partners or members and click Change share.

5. Select Equal, this will remove the tick from Specified and the percentage that you set up for this partner or member, click OK.
   
   IRIS will now allocate this partner or member the residue, that is, the balance of the remaining profit. The partners or members profit allocation will remain unchanged.

You may need to perform these checks in all periods where partner/member profit allocation has been changed.

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