Accounts

Set up a new LLP in Accounts Production Advanced

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.
  1. Create the client
  2. 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
      .
  3. Enter the
    Start date
    , and if the end date is not in 12 months time, enter the
    End date
    .
  4. Select
    OK
     to create the client.
  5. Enter transactions.
  6. Assign account codes
  7. Select the
    Import/Account Assignment
     tab.
  8. Select
    Account Assignment (Master)Maintenance
    .
  9. 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.
  10. If there are codes in the 900 to 999 range with values against them:
    1. Download our LLP Account Code Mapping CSV file.
    2. Select
      Import.
    3. Select the LLP Account Code Mapping file, then
      Open
      .
    4. Select
      OK
      .
      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.
  11. Profit allocation on the profit and loss account
  12. If the profit/loss is non-discretionary or partly discretionary then the profit allocation entry will need to be completed.
    1. Select
      Summary
      , then
      Members
      .
    2. 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.
    3. Select
      OK
      .
    4. Select
      Import/Account Assignment
      , then
      Profit Allocation
      .
    5. 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.
    6. Select
      OK
      .
  13. Non-statutory pages for the Schedule of members' interests
  14. Take the following steps if you require the non-statutory pages for the Schedule of members' interests:
    1. Select the
      Disclosures
       tab.
    2. Select
      Non-statutory information
      ,
      Analysis of loans and other debts due to members
      , and
      Analysis of Members' Capital Classified as Equity
      .
    3. Enter your data.

This article applies to:

  • PRODUCT: Digita Accounts Production Advanced