Clients Details- Partnership Firm

Add Client Details - Partnership Firm

1. Check whether the details of share of profit and share of loss are accurately captured. It is necessary to inform the system that this is the latest and current constitution
2. For doing this, you need to press the edit button on the left corner of the table and enter the start date as per the latest partnership deed.
3. Only if the start date is given, then system will understand that this is the latest constitution and allocate profits as per the sharing ratio. Ensure that the field ‘Start Date’ is not empty for any of the current partners 
4. The ‘End Date’  field can be left bank until the partner is removed / resigns , then the end date of the role needs to be captured.
5. Once done, then press the ‘SAVE” button which will create the client file in AssureAI

Scroll down and Fill up the missing details - End Date 

1. The screen shows how the user can make changes to changes partnership composition , profit sharing pattern and addition / deletion of a new / existing partner in the firm.
2. Whenever there s a change to the details instead of updating the existing record , which may impact the final statements for the prior years ,  Assure AI allows the user to add an end date indicating the changes implemented and the add a new row with the start date ( new start date = previous entry end date + 1 day) and make changes to the name , profit share % .
3. ‘End Date’ usage is applicable for all types of entities (i.e) in case of a company the changes to shareholding and share capital