United States United Kingdom Australia Canada (English) Canada (French) France Singapore South Africa Global Ireland
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
CCCBuilder
Level 1
posted
‎January 16, 2022 08:37 AM
last updated ‎January 16, 2022 8:37 AM

Member Draws for EOY didn't post until after year end - adjust reconcile balance or unnecessary?

We made our final EOY member draws towards the last day of year.  The bank did not process these until Jan 3, 22.  It's not a big deal for us, but I am wondering if my reports for taxes will be wrong for the year of 2021 if those transfers didn't post to our checking account until January?  In QB, I show the transactions as December, but the only catch is when I go to reconcile checking account - those charges of course won't match up unless I change the statement balance for both December and January which is what I think would be easiest but possibly not "proper"?  If reports don't go off of confirmed reconciled accounts, then I will leave things alone.  If the reports use only reconciled (confirmed) transactions - I think this is a hiccup.

Reply Join the conversation
2 Comments 2
Rustler
Level 15
‎January 17, 2022 04:24 AM

Member Draws for EOY didn't post until after year end - adjust reconcile balance or unnecessary?

Member draws do not impact on income taxes at all.  Each member is taxed on his share of net profit per the form K-1 he receives from the partnership.

Reply Join the conversation
CCCBuilder
Level 1
‎January 19, 2022 04:29 PM

Member Draws for EOY didn't post until after year end - adjust reconcile balance or unnecessary?

I'm not asking about the member draws affecting my taxes - I am concerned about the member draws affecting the reports for the fiscal year.  The member draws were made in QB before 2021 ended, but the bank did not PROCESS the draws until January 2022.  This means if I went to reconcile my checking account, the amount would be off *unless* I change the date, which would then not show the correct member draws for the 2021 books... 

 

At this point I am considering customizing the next two month's reconcile statement balance to show the member draw amounts the time I made them in December instead of when they actually posted to the checking account.  This would allow 2021 fiscal year reports to show properly, but just be weird if ever going back and trying to re-reconcile to bank statements. Do you see a better option?

Reply Join the conversation
Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us