Partnership Accounting Software for family offices, fund admins and asset managers
Stop running waterfalls and capital allocations in spreadsheets.
FundCount handles partial LP transfers, side pockets, series LLCs, multi-vehicle waterfalls, and Section 704(b)/(c)/754 tax allocations natively — posted to the GL, audit-ready, and out the door as K-1s and capital statements. And the new FundCount AI Assistant helps you build report templates and get answers from your knowledge base.
Real client stories — read the case studies →
From capital activity to partner-ready statements — in one workflow.
Every contribution, distribution, transfer and allocation flows into one accounting-backed ledger. Because the capital accounts and the general ledger are the same record, what comes out — statements, K-1s, waterfall notices — is reconciled by construction, not rebuilt by hand.
FundCountOne allocation engine. Configurable. Posted to the GL.
FundCount's partnership engine handles capital accounts, waterfalls, partial transfers, side pockets, series LLCs, and tax allocations natively — and posts the journal entries to the same general ledger that holds your trades, cash, and accruals. There is no bridge to rebuild because there are no two systems.
What it eliminates
- ✕Spreadsheet capital accounts. No more master workbook that everyone is afraid to touch, rebuilt every quarter, rebuilt again when an LP transfers.
- ✕Hand-built waterfalls. Standard, European, American, deal-by-deal, multi-vehicle — modeled as configuration, not as nested IF statements.
- ✕Off-system Section 704 allocations. 704(b) capital accounts, 704(c) built-in gain, 754 step-ups — handled inside the ledger, not as a side calculation.
- ✕The K-1 generation marathon. Box-level detail flows from the ledger, not from a reconciliation between two systems that disagree on what the partner owns.
- ✕Two-system reconciliation. Partnership and GL are the same system. The capital account is a view of the ledger, not a parallel record.
What it delivers
- ✓Native partial transfers. One-to-many, many-to-one, mid-period, with full effect on basis, capital, and allocation share — modeled, not reconciled.
- ✓Configurable waterfall engine. Preferred returns, catch-ups, tiered carry, deal-by-deal vs. whole-fund, debt-provider participation — your terms, not a template.
- ✓Side pockets & series LLCs. Sub-allocations inside a parent entity, each with its own NAV, valuation policy, and investor list. Roll up to the parent automatically.
- ✓U.S. partnership tax. Section 704(b), 704(c), and 754 accounting; IRS K-1 generation; basis tracking at the partner level — IRS-aligned, audit-ready.
- ✓Single GL posting. Capital activity, P&L allocation, GP carry crystallization — all post to the same real-time ledger as trades and cash.
- ✓On-demand capital statements. Partner statements, capital account rollforwards, and performance reports generated at any date, for any partner — for the LP portal or for the auditor.
See the allocation engine running on a realistic fund.
A 45-minute walkthrough through FundCount's demo environment — partial transfers, side pockets, multi-vehicle waterfalls, and Section 704 capital accounts in action. No data exchange. No setup on your side.
The stack you have today vs. one allocation-aware ledger.
Most fund managers and family offices we talk to are running partnership accounting in a spreadsheet bolted onto a generic GL — or paying twice for a specialized investment platform and a separate accounting system that don't agree on what the partner owns.
| Capability | Spreadsheet + generic GL (Sage / NetSuite / QuickBooks) | Specialized PMS + accounting system | FundCount |
|---|---|---|---|
| Capital accounts | Off-system workbook, rebuilt per period | Inside PMS, reconciled to GL | Native view of the ledger — one record |
| Waterfall engine | Nested IF statements; fragile | Configurable, often per-deal extra cost | Configurable; standard & non-standard structures |
| Partial LP transfers | Manual basis & capital recalculation | Supported, but reconciled back to GL | Native — one-to-many, many-to-one, mid-period |
| Side pockets / series LLCs | Manual sub-ledgers or extra entities | Supported in some platforms; partial in others | Native sub-allocation inside the parent |
| Section 704(b), 704(c), 754 tax | External tax preparer; manual prep | Tax module add-on or external | In-system; IRS-aligned; K-1 generation |
| Source of truth for the partner record | The workbook the controller maintains | PMS, then reconciled to the GL monthly | The ledger. One system, one number. |
| Audit trail | Cell-by-cell; no version control | Stops at the integration boundary | Full drill-down from capital statement to source |
U.S. partnership tax — handled in the ledger, not on a tax-season fire drill
FundCount manages Section 704(b) capital accounts, Section 704(c) built-in gain/loss tracking, and Section 754 elections with step-up basis adjustments. IRS Schedule K-1s generate from the same ledger that holds capital activity — no separate tax workbook, no reconciliation between the books and the K-1.
Partnership and portfolio accounting, consolidated onto one general ledger.
A Chattanooga single-family office serving a multi-generational family across a large number of entities and ownership structures needed partnership accounting — capital accounts and allocations — and portfolio accounting in one place, on the same general ledger, instead of stitched across separate systems.
A three-day workflow became a one-day workflow — without adding headcount.
"We never anticipated that a software solution could make us even more efficient, but FundCount did just that."
Marcie Odum, CFO — The Lupton Company
After a proof of concept on just two entities, the Lupton team adopted FundCount and consolidated partnership and portfolio accounting onto a single general ledger — spanning private equity, real estate, listed securities, and performance reporting, with a multi-entity view across the family's ownership structures.
Read the full case study →