Adding a Client Relationship allows your practice to easily manage when clients share relationships with other clients, for example, directors of a company, family members, or shareholders. Refer to Client Relationships.
To add and manage Client Relationships, practices must be on the FYI Elite plan and enabled FYI as Primary for Client Maintenance. Refer to Enabling FYI as Primary Source for Client Data.
A client must have an assigned Business Structure to be able to create Relationships in FYI.
For practices on the Pro plan integrated with Xero Practice Manager, Relationships are maintained directly in XPM, and will be displayed in FYI on the Relationships tab.
Create a New Client Relationship
To add a new Client Relationship:
- From the Client Workspace, click on the Relationships tab.
- Click the + Add button
- Select or enter the details for the fields as required. The Type and Related Client fields are mandatory.
Type
The Type of Relationship. If Shareholder, Partner, or Owner is selected, additional fields will be displayed for Percentage and Shares. The relationships displayed depend on the client's Business Structure. For example, Individuals will not be able to create Director or Shareholder relationships.
Related Client
Type at least three characters of the client name to display all clients containing those characters. Then click to select the required client. When the relationship is added, the related client will also be updated to show the relationship. Refer to Corresponding Relationships below.
Start Date
The date the relationship started. This field is optional. Click the field to select the date picker.
End Date
The date the relationship started. This field is optional. Click the field to select the date picker.
Percentage
This field is displayed if the "Partner Of" Type has been selected. Enter the percentage holding for the partner, e.g. Enter "25" for 25%.
Shares
This field is displayed if the "Shareholder Of" or "Owner of" Type has been selected. Enter the number of shares held by the client.
- Click Save.
- The relationship will be added for the client and the related client.
To make changes to a relationship, you must delete and re-add the relationship from the client.
Corresponding Relationships
When creating a Relationship for a client, the related client will be updated to show the relationship as well, referred to as a Corresponding Relationship. For example, if "Frank Marshall" is added as the "Trustee of" a Family Trust, the Family Trust entity will also be updated to show Frank Marshall as a Trustee.
For practices integrated with Xero Practice Manager, newly created relationships will be synchronised immediately from FYI to XPM. The corresponding relationship will then be created in XPM and synced back to FYI within approximately 15 minutes.
In the example below, a relationship was created for Frank Marshall, a Trustee of Marshall Family Trust. The Client for Frank Marshall displays as below.
The corresponding relationship for Marshall Family Trust is displayed below.
Delete a Client Relationship
When deleting a Client Relationship, both clients will be updated. The relationship will be removed and no longer visible on the Relationships tab.
Note: Deleted Relationships cannot be restored.
- Navigate to the Client - Relationships tab.
- Click on a Relationship in the list. The Relationship drawer will open.
- Click the Trash icon in the toolbar.
The relationship will be removed from FYI, and if integrated, from Xero Practice Manager.