Unrestricted Net Assets

JO-ANNE_7327707
JO-ANNE_7327707 Member Posts: 258 ✭✭✭
edited June 2020 in Accounts Hosted
RAH has created an account named Unrestricted net Assets in a partnership balance sheet and put a transaction that was coded to retained earnings to this account. I've never seen this before. Can someone help with this one. From what I've read it should only show in a not for profit balance sheet. How can I fix this?

Comments

  • JO-ANNE_7327707
    JO-ANNE_7327707 Member Posts: 258 ✭✭✭
    edited June 2020
    .
  • Lee_8688889
    Lee_8688889 Member Posts: 84 ✭✭
    edited June 2020
    It's an account that Reckon activates which recognises the amount of funds/assets that have the potential to be available to the partners. It is classified as unrestricted assets due the structure of partnerships ie. partners can have direct access to those funds. If you look at your Balance Sheet the amount of the Unrestricted Assets represents the difference between your Assets and Liabilities.

    I would suggest speaking to your accountant about it if you need any further information.