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Author
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Topic: automatic entries
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msandell
unregistered
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posted 07-08-2005 08:23 AM
I am posting income and expenses into an investment partnership. We use automatic entries to post everything. The auto entry calculates the amount to be posted to numerous partner accounts based on percentages in the auto entry for each partnerMy problem is when I have an entry that may be a credit one time and a debit the next. I can't figure out how to make the auto entry understand and post credits to the partners one time and debits the next.
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fni_support
Moderator
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posted 07-08-2005 10:41 AM
You can set up the automatic entries in a way that it will change the net distribution amount from debit to credit, based off of the underlying transactions. To do so you must be in the multiple distribution screen. Simply changing the transaction ID (Dr, Cr, Chk #) on the enter transaction screen will not change the automatic entry. The first account in the multiple distribution screen must be changed in order to reverse the effects of an automatic entry. Set up the Automatic Entry the following way: *** Multiple Distribution | Net Distribution Amount | Dr
Net Income | Account Balance | Dr
Partner 1 Inc. | 2nd Amount x Factor | Cr
Partner 2 Inc. | 2nd Amount x Factor | Cr
End Entries If you allocate gains using this automatic entry, the income account will be debited and the capital account will be credited. If you allocate a loss, then enter a credit balance in the Net Income line, and then the automatic entry will offset that by debiting the capital accounts. Matthew
[This message has been edited by fni_support (edited 07-08-2005).]
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msandell
unregistered
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posted 07-08-2005 12:50 PM
That doesn't work for me. The problem probably is I can't figure out how to make Net Distribution Amount work.All the auto entries set up by Cindy Calderon are as follows. The debit or credit is entered on transaction entry screen. The first line in the auto entry is Enter Amount. The subsequent entries (about 50) are 1st Amount X Factor. And the last line is remaining amount. Your answer uses Net Distribution Amount and 2nd amount X Factor
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fni_support
Moderator
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posted 07-08-2005 01:06 PM
What journal are you using to make the entry?If this transaction is to allocate gains and looses to their respective partners, then this entry should be made in the General Journal. If that is the case then the preferred way to set up the automatic entry is to use the Net Distribution Amount, which should be zero. Matthew
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msandell
unregistered
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posted 07-08-2005 01:13 PM
I am currently posting income from a K-1. It is set up to be done in the investment journal, so that we have a running balance to make sure we tie out to the net change in the capital account. After posting all the income and expenses, we then post the purchase or sale of the partnership asset account.
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fni_support
Moderator
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posted 07-11-2005 12:50 PM
If you set up the automatic entry in a way other than what is shown in the example above, the system will not be able to determine the correct offsets when you switch from debits & credits.A solution to this dilemma is to create two different payees/payors. One for allocating the gains in the partnership, the other for allocating the losses; thus you wont have the problem of misallocating gains and losses to their respective partners. Matthew
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