How to distribute "Partners Profit Distribution Summary" in Partnership "Financial Reports"

Modified on: Sat, 16 Mar, 2024 at 9:06 PM

Question: How to distribute "Partners Profit Distribution Summary"?

Solution:

1. Make sure to set up "Relationship" first. Learn more.

2. "Financial Reports" is dependent on how you have classified your financials. Make sure that you classification of your accounts mapped accordingly. Learn more.

3. You have to manually input via "Financial Reports" , either via ""Partners Profit Distribution Summary" or "Partner Profit/Loss Allocation". Once you fill either of the 2, it will auto show to the other.

Example: I impute via "Partner Profit/Loss Allocation" and it auto fills the "Partners Profit Distribution Summary"

Note: if dropdown option is not showing the correct accounts, best to check on how you have classified your financials via "Settings" > "Chart of Accounts" tab and map it accordingly.

Preparing Financial Reports for a Partnership

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