Does anyone have an opinion on Understanding Partnership Accounting ISBN: 093118701X ?If not can someone please recommend books or articles on how to set up an accounting system for the hedge fund / partnership firm.thanksgrs

I don't know of any books, but I can offer you a few tips.1. Make sure your position keeping system can produce a profit and loss statement, as well as a balance sheet statement. Categorize every cash flow and transaction accurately and seperately. So if, for example, you recieve a dividend, book it gross and book another cash flow for the tax. Also make sure that the system has some kind of journaling function. If you change a trade and your historical P&L changes, you will run into all sorts of problems with your income/balance sheet statements.2. Make a clear distinction between what you will account for in your position keeping system, you do not need to store daily office expenses in here.3. Get Sage Instant Accounts or similar for everything else - the network edition is a little more expensive, but worth it in the long run.