Chart of accounts-which accounts for these?


R

robertw4771

How should the following payments be classified in quickbooks.

(chart of account?)

Payments of estimated taxes for the principal owners paid from the
company checking account.

Payments to principal owners Roth IRA

Payments to owners (DRAW/Profit sharing payments)

We are and S corp. Appreciate all info on this.

Rob
 
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A

Allan Martin

How should the following payments be classified in quickbooks.

(chart of account?)

Payments of estimated taxes for the principal owners paid from the
company checking account.

Payments to principal owners Roth IRA

Payments to owners (DRAW/Profit sharing payments)

We are and S corp. Appreciate all info on this.

Rob
Assuming the dollar amounts paid on behalf of each shareholder are in the
same ratio as their stock ownership then the payments can be charged to the
"Distributions" account for each shareholder.
 
J

J.Smith

Assuming the dollar amounts paid on behalf of each shareholder are in the
same ratio as their stock ownership then the payments can be charged to the
"Distributions" account for each shareholder.
Distributions being an equity account, I assume?
What to do with ever-increasing negative balance on it then?
Should it be periodically zeroed out by debiting Retained Earnings or any
other equity account?

I have the same questions as the original poster. Would like some real
answers.

Thanks in advance!
 
A

Allan Martin

J.Smith said:
Yes


Distributions being an equity account, I assume?
Yes

What to do with ever-increasing negative balance on it then?
Should it be periodically zeroed out by debiting Retained Earnings or any
other equity account?
On the first day of each new year they get journalized out to AAA.
I have the same questions as the original poster. Would like some real
answers.
Sorry I thought I gave a real answer, I'll try and give you one more to your
liking:

The answer is yes, you are good looking.
 
J

J.Smith

Thanks for reply!
On the first day of each new year they get journalized out to AAA.
Thanks! That is useful info for me.
Sorry I thought I gave a real answer, I'll try and give you one more to your
liking:

The answer is yes, you are good looking.
WTF?
Sorry, I should have said: "Would like some useful, complete answers." Your
answer was definitely "real", however too brief in order to be of any use,
since it did not contain any info about how to manage such an account within
the accounting system. Now you cleared it out for me. (The closing to AAA.)
Thank you!

I appreciate your accounting-related input! However, I see that you got some
serious personality problems if you get offended to the point that you need
to make an idiodic sarcastic remark like that. (If my comments offend you to
that degree, why even bother providing answers to my questions?)
 
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A

Allan Martin

J.Smith said:
Thanks for reply!


Thanks! That is useful info for me.


WTF?
Sorry, I should have said: "Would like some useful, complete answers."
Your
answer was definitely "real", however too brief in order to be of any use,
since it did not contain any info about how to manage such an account
within
the accounting system. Now you cleared it out for me. (The closing to
AAA.)
Thank you!

I appreciate your accounting-related input! However, I see that you got
some
serious personality problems if you get offended to the point that you
need
to make an idiodic sarcastic remark like that. (If my comments offend you
to
that degree, why even bother providing answers to my questions?)
Why would you think I was offended? If I was brief its because you get what
you paid for.
 
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