It seems I forgot everything I knew about ATX

[BulldogTom]

Working on an S Corp. all day.  First one of the year.   The last thing I need to do is enter the shareholder distributions.   I cannot for the life of me find the entry screen.   I pulled a huge brain cramp for about 20 minutes.   Then I found it and felt stupid.   

Happy Tax Season everyone!

Tom
Longview, TX

[Patrick Michael]

I use Drake and had a couple of those moments too!  It's all coming back to me. but the older I get the longer it takes.

[Medlin Software, Dennis]

I get the same every year when I look back to remember how to reverse distributions.  It is the once a year items which I have to be careful of.  It has taken be decades to let go of Dr and Cr entry "speak", and just think of where it is going and where it came from (like my customers think).

[Abby Normal]

1 hour ago, Medlin Software, Dennis said:

I get the same every year when I look back to remember how to reverse distributions.  It is the once a year items which I have to be careful of.  It has taken be decades to let go of Dr and Cr entry "speak", and just think of where it is going and where it came from (like my customers think).

Think of it as closing distributions to retained earnings. That's the entry I make. Zero out distributions, and put it to RE.

I do the same with partnerships, but each partner has their own equity account, instead of an RE for the business.

[Abby Normal]

2 hours ago, Patrick Michael said:

I use Drake and had a couple of those moments too!  It's all coming back to me. but the older I get the longer it takes.

This was one of my main impetuses (impeti?) for retiring.

[jklcpa]

I feel your pain!  I went back at a liquidated partnership multiple times before I had everything entered correctly within the program to be reported properly on the business and personal returns. Each time I looked at it I saw something that needed to be fixed.