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Posted by Laura on March 25, 2007, 3:31 pm
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> Hello, I have a LLC Partnership and we've restructured how we do
> business. I need to know if the following method is possible within
> quickbooks 2005.
>
> I need 3 separate 'expense' accounts setup. The accounts would be:
>
> General Business Expense Account:
> Partner 1 Expense Account:
> Partner 2 Expense Account:
>
> The way that it would work is for all sales, 25% of the sale would go
> to the "General Business Expense Account" and the other 75% would go
> to the Partner who performed the service. It would go into their
> Expense Account.
>
> For example, Partner 1 did an Service for $1000.
> $250 would go into Business Expense Account.
> $750 would go into "Partner 1 Expense Account":
>
> What type of accounts would these be and what is the best way to set
> them up.?
>
> Thanks in advanced.
You probably should post to alt.comp.software.financial.quickbooks. This is
the quicken newsgroup.
These are Income accounts-not expense accounts. Sett up Items to drive your
income to the right G/L accounts. I don't think you want to be having
multiple Items to do the allocation between the Partner and the General
business Account.
How about using the Class field instead containing which Partner made the
sale. At the end of the month do a general journal entry to allocate the
amount to the General business account class and g/l account. You might find
that with using classes you don't need the 3 G/L accounts for every single
account.
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