Archived
05-03-2008, 08:10 PM
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(7/24/2003 5:56:05 PM) Sam Schmidt wrote:
How is the best way to set up a farm partnership in QB2002. If I set it up as a partnership it does not show schedule F tax items. If set up as sole propietor it shows schedule F items but not partnership items.
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Remember that the QuickBooks Tax line selection for each account only associates your QuickBooks Accounts with a tax line. So you may still set up your Accounts structured like the Schedule F if you like, but prepare the Tax Report based on the Partnership form's categories.
Ask your tax preparer for his/her preference. If when filing partnership taxes, your tax preparer uses Form 1065 - Partnership and its associated forms, I expect he or she will want your QuickBooks Tax Report grouped according to the categories on those forms--not the Schedule F categories.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
(7/24/2003 5:56:05 PM) Sam Schmidt wrote:
How is the best way to set up a farm partnership in QB2002. If I set it up as a partnership it does not show schedule F tax items. If set up as sole propietor it shows schedule F items but not partnership items.
====================================
Remember that the QuickBooks Tax line selection for each account only associates your QuickBooks Accounts with a tax line. So you may still set up your Accounts structured like the Schedule F if you like, but prepare the Tax Report based on the Partnership form's categories.
Ask your tax preparer for his/her preference. If when filing partnership taxes, your tax preparer uses Form 1065 - Partnership and its associated forms, I expect he or she will want your QuickBooks Tax Report grouped according to the categories on those forms--not the Schedule F categories.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com