K1x Ideas
Describe your idea. The more information you provide, the clearer picture of your idea we will have. |
Some partnerships use target allocations to allocate income. Essentially, they calculate allocations as if a hypothetical liquidation were to occur at the end of the partnership's tax year. This is currently a largely manual process requiring creation of an Excel workpaper in year 1 and manually plugging ending GL values into it thereafter. |
How will this idea help you and potentially others? Understanding how things are done today, where the pain is, and how the idea is beneficial puts us in your shoes. |
Allowing users to build their own calculation in K-1 Navigator and use it to create an allocation code would eliminate the need for an outside workpaper, house the calculation in the same tool used for K-1 production and automatically apply the allocation code to Schedule K values. |
Who will benefit from this idea? Whether it's specific roles of users, users of a specific product, or certain departments/markets, this helps us know who to talk to when we need more information. |
All users working on partnerships that use target allocations. |
How do you envision this idea being implemented at K1x? You're the expert and understanding how you see this working helps kickstart the idea. |
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