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Partnership Accounting and Tax Services

Investing through family limited partnerships or other pooled investment vehicles has great appeal for many investors and are increasingly being used today. 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 a 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, rather than when a payment is made, providing greater accounting accuracy. GAAP accounting is also available.
  • Incentive fee calculation
  • Special allocation ability
  • The system tracks capital calls, recallable distributions and unfunded commitments for investments by partners as well as for a fund’s investment commitments to private equity or third party managed funds.
  • Rockit® Solutions technology, its personalized client team and its time-tested processes combine to provide an outsourced solution that has been the choice of the most demanding investors. Additional services include Partnership Accounting and Tax Services for those who invest through family limited partnerships or other pooled investment vehicles, as well as for specialized needs such as real estate accounting.