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grecoband-4bros
Level 1

I have all expenses by each partner's transactions, but my accountant wants to see the payments. Should I add lump sums for partner contributions or individual entrees?

To clarify, she wants to see the payments for the transactions, and I'm unsure how to add the payments properly as I don't have access to my partners' accounts for payment history.
1 Comment 1
Rustler
Level 15

I have all expenses by each partner's transactions, but my accountant wants to see the payments. Should I add lump sums for partner contributions or individual entrees?

@grecoband-4bros

 

I'm not sure what you are asking for.

All partners should have equity accounts as part of the company chart of accounts - do they?  if they do why do you say you do not have access to the partner accounts?

The business, the partnership makes money, and spends money.  Partners may contribute money to keep the partnership running, in that case it is an increase to partner equity investment, and then the money is spent by the business.

At tax time you fill out the form 1065, and doing so creates a form K-1 for each partner.  That form K-1 is the partners share of all income and expenses - not just that amount the partner invested.

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