I have a partnership that is winding down. One partner left, the other set up a S Corp and is continuing operations.
I am having issues closing out the balance sheet and partnership allocations.
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Troubleshooting suggestions:
1. Zero out the equity in M-2 Capital Accounts by distributing remaining assets (or increasing / decreasing other amounts), which drives the Partner Capital ending balance.
2. Look for health insurance premiums or non-deductible amounts adjusting M-2 capital.
3. Check the special allocations tab on the top menu, scroll thru each capital item looking for amounts that might create an out of balance.
Hope that clears it up.
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