Need help with Expense accounts

Mar 25, 2007 1 Replies
N

Hello, I have a LLC Partnership and we've restructured how we do business. I need to know if the following method is possible within quickbooks 2005.



I need 3 separate 'expense' accounts setup. The accounts would be:



General Business Expense Account: Partner 1 Expense Account: Partner 2 Expense Account:



The way that it would work is for all sales, 25% of the sale would go to the "General Business Expense Account" and the other 75% would go to the Partner who performed the service. It would go into their Expense Account.



For example, Partner 1 did an Service for $1000. $250 would go into Business Expense Account. $750 would go into "Partner 1 Expense Account":



What type of accounts would these be and what is the best way to set them up.?



Thanks in advanced.



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L

You probably should post to alt.comp.software.financial.quickbooks. This is the quicken newsgroup.

These are Income accounts-not expense accounts. Sett up Items to drive your income to the right G/L accounts. I don't think you want to be having multiple Items to do the allocation between the Partner and the General business Account.

How about using the Class field instead containing which Partner made the sale. At the end of the month do a general journal entry to allocate the amount to the General business account class and g/l account. You might find that with using classes you don't need the 3 G/L accounts for every single account.

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