Hi, Is it possible to do a year end profit distribution in Reckon Hosted? eg with journal entries et

AlisonSingleton
AlisonSingleton Member Posts: 1

Hi, Is it possible to do a year end profit distribution in Reckon Hosted? eg with journal entries etc. I Set up a partnership file but cannot work out how to distribute the income.

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,325 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Hi @AlisonSingleton

    Reckon Accounts / Hosted automatically transfers FY net income on 30th June to your Retained Earnings account on 1st July. However, you can journal further distributions out into separate account(s) if you prefer.

    To do this, you need to DR Retained Earnings & CR the separate Partner (also Equity-type) accounts 😊

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)