The Medical partnerships account production workflow is based upon our unincorporated partnership accounts production workflow. We have added functionality to produce accounts in line with The Association of Independent Specialist Medical Accountants (AISMA’s) example accounts.
This guide will highlight the key differences between the Medical accounts production workflow and the partnerships accounts production workflow.
Set-up
The Medical accounts can be set up by first adding a normal set of partnership accounts to the company and then in the general settings template setting the industry-specific format as Medical
If this option is not available please let your Customer success manager know so I can be added.
The file should also be using the medical mapping list so that you have access to the correct Chart of accounts.
Partners
The partners template has an additional option called variable profit split. This allows the year to be split up into smaller periods each of which can have a different profit allocation
This includes the option to input the split as units which is helpful for partnerships that base the profit allocation on sessions.
Normal partnership details such as salary, prior shares and interest can also be input into this template.
Current account
The current accounts is mostly the same as the standard current account apart from that Salary, prior shares and profit allocation are grouped together as Share of net medical income
Profit allocation
In the Medical accounts the profit allocation has an additional feature where the prior profit allocations can be broken down into different rows to show the different components.
Profit and loss account
The Medical profit and loss account uses the AISMA recommended format showing NHS income, non NHS income and expenses. Additional breakdowns can be provided for each line using the Notes to the profit and loss account
We hope you have found this guide useful. If you have any questions or if you identify any issues please raise them through the Silverfin platform or e-mail support@silverfin.com.