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Overriding profit allocation for partners within Personal Tax

Article ID

kas-0005

Article Name

Overriding profit allocation for partners within Personal Tax

Created Date

2nd January 2021

Product

IRIS Keytime, IRIS Keytime Personal Tax

Problem

If the profit/loss was not split proportionately between the partners

Resolution

Keytime Personal Tax automatically calculates the profit/loss allocation between each of the partners on pages 6 and 7 of the partnership tax return (SA800).

In some circumstances (e.g. if the profit/loss was not split proportionately between the partners) you may wish to override these amounts.

To override profit allocations within a partnership tax return:  
1. Open the partnership tax return 
2. Click the Client button 
3. Open the Partners tab 

Screenshot 2021 01 02 110659 | Overriding profit allocation for partners within Personal Tax


4. In turn repeat the following process for each of the partners that you wish to make adjustments for: 
– a) Highlight the partner in the left hand column
– b) Click Edit
– c) Tick the Override profit allocation box 
– d) Click Save 
5. Click Next 
6. Click Finish
7. Choose No when prompted to refresh the partners’ details 
8. Make the required changes to the individual partners’ amounts on pages 6 and 7

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