Set up and produce a set of accounts for a LLP in Accounts Production Advanced using the Practice LLP Master template.
If you use Practice Management, you'll need to set up the client in Practice Management as a partnership client with the members entered as partners first.
Create the client
In Accounts Production Advanced, select
File
,
New
, then
Practice LLP Master
.
If you use Practice Management, select the client from the list, then
OK
.
If Practice Management is not used, enter the client
Name
and give it a client
Code
.
Enter the
Start date
, and if the end date is not in 12 months time, enter the
End date
.
Select
OK
to create the client.
Enter transactions.
Assign account codes
Select the
Import/Account Assignment
tab.
Select
Account Assignment (Master)Maintenance
.
Check if there are any account codes with values against them. If there are, and they are not codes in the 900 to 999 range, drag and drop them to the appropriate folder within the balance category folder.
If there are codes in the 900 to 999 range with values against them:
The mapping file will be imported and the codes that appear will be mapped to the correct folder. After completing the mapping, the Balance folder should show as 0.00 in both periods.
Profit allocation on the profit and loss account
If the profit/loss is non-discretionary or partly discretionary then the profit allocation entry will need to be completed.
Select
Summary
, then
Members
.
Make sure that all members appear in order with no spaces between rows. If there are spaces, select the members that need be moved, then use the arrows to correct the order.
Select
OK
.
Select
Import/Account Assignment
, then
Profit Allocation
.
Select
New
to create a new row to select the member, their residual profit share percentage, and their profit share code, which will be a sub-code of 924.
Select
OK
.
Non-statutory pages for the Schedule of members' interests
Take the following steps if you require the non-statutory pages for the Schedule of members' interests: