Splitting Quickbooks Accounts By percent of ownership

[Archived]

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I own a piece of farm property with a partner. I own 60% he owns 40%. We do all the bookeeping on quickbooks. At the end of the yearI would like to spilt every thing 60-40. Is ther a way to get the reports to print out one report at 60% and another at 40%.
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I don't know of any...might try dumping your annual report into a spreadsheet and doing the 60/40 calculations there?

Good luck.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com

[ScottBonacker]

I agree, that is the only way to divide the income and expense items like you are asking about.

For a property partnership like you seem to have, if you elect out of Subchapter K, then you are required to report your percentage share of each item on your tax return. QuickBooks doesn't have the ability to apply percentages against anything (outside of finance charges on AR or sales taxes) so that splits have to be made in Excel or another spreadsheet.

Alternatively, and with a little more work, you could divide everything as you enter it. Use class codes - like "40%" and "60%"

Scott

[sewbusy]

You can go in at year end and make Journal entries splitting the total of each account by the percentage to a class for each. This may be simpler than splitting each individual transaction, yet will achieve the same end.
YOu will also need an equity accounts for each, retained earnings etc.
Hope this helps!