Hello all! Here's one for ya!

Our bank erroneously charged us $6.00 in bank charges, three
months in a row. $12.00 last year, $6.00 this year. They
reimbursed us $18.00 "this" year. So I credited it to the
expense account.

Now, the Member Tax Allocation report is showing the Misc.
Expense has a $12.00 credit. This is good. But it's also
showing the $12.00 as a net profit. Is that OK, too!?

Obviously, it's not income, nor was it allocated to an
income account. Just thought I'd make sure this isn't
wrong.

Thanks! Lynn

Lynn Ostrem writes:
> Now, the Member Tax Allocation report is showing the Misc.
> Expense has a $12.00 credit. This is good. But it's also
> showing the $12.00 as a net profit. Is that OK, too!?
>
> Obviously, it's not income, nor was it allocated to an
> income account. Just thought I'd make sure this isn't
> wrong.

I think it is income, because you already received the deduction
last year. In this sense, you came out a little bit ahead, because
you received the benefit of the deduction in 2001 and you'll only have
to pay taxes on a refund in 2002.

Cheers,
Rob

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