Family limited partnerships or other pooled investment vehicles are increasingly being used today by many investors. While these investment vehicles can provide additional benefits, they also come with added complexities to portfolios, particularly in reporting and investment monitoring. Rockit® Solutions offers Partnership Accounting and Tax Services as an extension of its information management suite of services.
Our partnership functionality includes the allocation of income, expenses, and unrealized gains and losses, as well as automatically calculating capital percentages. Overseeing this process is a team of accounting professionals with specific expertise in accounting and tax matters. Our accounting team allows for seamless integration with the full Rockit platform for greater efficiency, reliability, and optimal reporting. Based on the data that is collected and processed in the Partnership Accounting service, tax professionals prepare required K-1 reports, IRS Form 1065s, and state filings.
Key features and benefits include:
- A single source for viewing and querying data, eliminating the need for multiple systems
- A library of on-demand financial reports
- Partners have the ability to look through their partnership holdings to the underlying investments in the partnership, providing a broader view of investment risk and market exposure
- Rockit®Command has the ability to provide either book or tax basis(i.e., cash or accrual) accounting
- Expenses can be allocated in the appropriate period
- GAAP accounting
- Incentive fee calculation
- Special allocations
- Track capital calls, recallable distributions, and unfunded commitments for investment partners. (as well as for a fund’s investment commitments to private equity or third-party managed funds)