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- How do you enter partner draws that are not paid out by profit sharing %.?
How do you enter partner draws that are not paid out by profit sharing %.?
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maxesplin
Level 1
04-25-2020
09:30 AM
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1 Comment 1
itonewbie
Level 15
04-25-2020
10:23 AM
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If it's just a current distribution of cash:
- Enter the amount for Cash and marketable securities as usual under Balance Sheet, M-1, M-2 > Sch M-2 (Capital Account);
- Click on the Special Allocations tab and override the allocation for Cash & Marketable Securities (enter total in Sch M-2 (Capital Account)) either by Amount or Percentage;
- Click on Input Return, go to Partner Information > Partner Percentages, and update the ENDING percentages as necessary.
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