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M
maxesplin
Level 1
April 25, 2020
Question

How do you enter partner draws that are not paid out by profit sharing %.?

  • April 25, 2020
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1 reply

itonewbie
itonewbie
Level 15
April 25, 2020

If it's just a current distribution of cash:

  1. Enter the amount for Cash and marketable securities as usual under Balance Sheet, M-1, M-2 > Sch M-2 (Capital Account);
  2. 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;
  3. Click on Input Return, go to Partner Information > Partner Percentages, and update the ENDING percentages as necessary.
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