Note: This article has been updated to reflect recent changes in the software. Please review the new information to stay up to date with the latest features and improvements.
InvestNext has a document-sharing tool that enables you to directly share K-1s and other private documents in-mass with each one of your investors. In essence, the tool reads the contents of the document. It intelligently matches it to the given investor — even if the contents don't exactly match the investor's name in the system.
Before Getting Started: You must create a .zip file containing the documents you wish to share. For each document, ensure it contains the investor (Account) name. The name does not have to match InvestNext exactly; it just needs to be close.
If this is for your tax documents, you can also match by the Tax ID. If you are using this method, please make sure the document has the Tax ID in it AND the Investor's Account also has the Tax ID in it.
IMPORTANT: Before adding your documents, make sure to add the EIN Tax ID of your Project's Business Entity to your Project as described below. This will aid matching if you choose to match your documents to accounts using Tax ID match option.
Go to the Project
Click on the Settings tab
Click on the Account Settings section
Enter the Tax ID in the Accounting field.
Click Save Changes.
STEP 1: Navigate to the project you would like to upload K1s or other documents for. Once you are in the project, navigate to Documents.
STEP 2: Click the New Documents button on the upper-right and select the Mass .zip Upload option.
STEP 3: Upload the .Zip file that contains your documents, and then choose a Name for this upload.
This will be the name given to the new folder containing the set of documents you wish to share. Then select the relevant Document type.
NOTE: If you are uploading tax documents and you choose this Document Type, you'll be prompted to select the Tax Document Type and the Document Method.
Canadian sponsors can now process T5013 tax forms using InvestNext’s OCR capabilities by selecting T5013 Tax Form (Canada) as the Tax Document Type in the process.
If you are uploading a non-Tax or non-statement document, choose the General Documents Document Type.
STEP 4: After uploading the .zip file, you will be asked a number of questions to help InvestNext decide which type of document this is and the way you wish InvestNext to help you match the information within the .zip file:
Name - This is the name the folder will have on the Admin Portal
Category - what type of document is this?
General Document;
Statement - If you have generated investor statements outside of InvestNext and wish to add them, you can do so here;
Tax Document - K1/1099/T5013/Other
Accreditation Document - this could be a third party accreditation letter;
Project Documents - this is a document that is not specific to one investor but the project as a whole;
Tax Document - If you select a Tax Document, several different types will become available in the dropdown;
K-1 Tax Form (USA);
1099 Tax Form (USA);
T5013 Tax Form (Canada);
Other - this can be used for any other tax document you may need to add to the investor portal;
Tax Year - Select the year you that the document is for;
Sub-Folder - if you wish to have a sub-folder, you can add one here;
Document Matching Section
Intelligent Matching - this method will search the document and try to match the SSN/TIN with the investing Accounts SSN/TIN and link that Account to the document;
Filename Matching - this method uses regular expression. These are strings of text that lets you create patterns that help match, locate, and manage text.
Matching Identifier options are the following:
Account Name
Position Name
External Reference Number
NOTE: Usually, the upload and matching should take no more than a few minutes.
Although, if you are uploading a large volume of documents, it may take a bit longer. In any event, there will be a 'progress status' indicator displayed in a small box at the bottom of your screen:
When you start this process, you will see a box in the bottom right corner of the following snapshot. This section will keep you in the loop off where this process is in the uploading process.
The snapshot above was "loading". In the following snapshot, the upload has been completed and it is now time to start reviewing the upload.
STEP 5. Click Review next to the recently uploaded document in the box highlighted above to view the individual uploads and the accounts they were associated if any.
During this step, you'll have the opportunity to update the Account associated with each individual document:
If the matching provides an incorrect Account. You can click the edit button in the "Account" column and search for the appropriate investing Account.
STEP 6. Once the appropriate accounts have been associated with the uploaded tax documents, you'll click "Complete Upload" which will prompt you to share the newly uploaded documents or not to share.
NOTE: New Document Notifications
When a document is Shared (Enable Portal Access), an email notification will go out within the hour to the investors that have a registered account on your investor portal. The notification is only sent once. If you re-share the document, this will not trigger another notification.