The Final Partner and New Partner percentages on the 1065 do not seem to be accurate

[sbestsantabarbar]

Proseries prompts us to enter the "Initial/Final/Profit % should be populated with the percentage that existed immediately before the partner's termination".  If I enter it this way, the K-1 for the partner who LEFT the partnership, shows a value for the ending % that is NOT zero and for the NEW partner, it shows a beginning balance that is not ZERO.  

If I show ZERO the partner that left as an ending % and ZERO for the new partner as a beginning, PS gives that error warning listed above. 

Please help!  Anyone....? 

[IntuitCharlene]

ProSeries flows the percentages to the K-1 as a visual indicator for the partners per the instructions from the IRS: 

https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

Item J
Generally, the amounts reported in item J are
based on the partnership agreement. If your
interest commenced after the beginning of
the partnership's tax year, the partnership
will have entered, in the Beginning column,
the percentages that existed for you
immediately after admission. If your interest
terminated before the end of the
partnership's tax year, the partnership will
have entered, in the Ending column, the
percentages that existed immediately before
termination.

In ProSeries you can use the Weighted Averages to show the percentage changes and adjust how the actual calculations are done see Using Weighted Averages for Schedule K-1 Form 1065 for details. 

[ShellySB]

Thank you, that is helpful.

So what I had to do is enter the % that PS prompts in the Intial/Ending % column and it prefills ALL (Profit/Loss/Capital lines) and then I can manually change the Capital Line to ZEROS.

https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

ITEM J

The ending percentage share shown on
the Capital line is the portion of the capital
you would receive if the partnership was
liquidated at the end of its tax year by the
distribution of undivided interests in the
partnership's assets and liabilities. If your
capital account is negative or zero, the
partnership will have entered zero on this
line.

[IntuitCharlene]

Yes. Some of our other active community members have put together some of the steps they follow. Sjrcpa has some great advice here: https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/how-to-put-in-partners-...