small expenses
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My club has a very small expense for mailing K-1s to withdrawn partners, and the 1065 to the IRS. Considering it is less than $10 that I paid in cash, writing a check to reimburse myself seems like a waste on several levels. How would I record the expense and simply consider that part of my monthly dues payment? Pay the expense out of Suspense and then enter a contribution of the same amount to Suspense.
Ira Smilovitz Join me at InvestEd 2011 In a message dated 02/19/11 16:40:22 Eastern Standard Time, markeckman@bivio.com writes:
Mark, I incurred a cost if $8.53 for mailing our returns by certified mail., At Tuesday's meeting, I will ask permission to submit that amount as a payment to my capital account. That's the simplest way to handle it.
Lynn Ostrem
Crow River Investment Club
On Sat, Feb 19, 2011 at 3:40 PM, Mark Eckman <markeckman@bivio.com> wrote: My club has a very small expense for mailing K-1s to -- Lynn Ostrem Resource Management Group, Inc. 4439 McAllister Av NE St.Michael, MN 55376 Office: 763/497-5153 Fax: 763/497-5838 Cell: 612/750-4943 garbagecop@gmail.com Lynn, Could you elaborate on how that transaction works? I'm not understanding how to submit the expense as a payment to the capital account without it throwing the accounting off. Thanks, Andy Lynn Ostrem wrote: > Mark, I incurred a cost if $8.53 for mailing our returns by certified mail., At Tuesday's meeting, I will ask permission to submit that amount as a payment to my capital account. That's the simplest way to handle it. > > > Lynn Ostrem > Crow River Investment Club > > On Sat, Feb 19, 2011 at 3:40 PM, Mark Eckman <markeckman@bivio.com> wrote: > My club has a very small expense for mailing K-1s towithdrawn partners, and the 1065 to the IRS. Considering it > is less than $10 that I paid in cash, writing a check toreimburse myself seems like a waste on several levels. Howwould I record the expense and simply consider that part ofmy monthly dues payment? > -- Lynn OstremResource Management Group, Inc.4439 McAllister Av NESt.Michael, MN 55376Office: 763/497-5153Fax: 763/497-5838Cell: 612/750-4943 garbagecop@gmail.com Each year we reimburse our treasurer for postage, a ream of paper, and an ink cartridge (25 members). It comes to about $30. We authorize writing her a check for that amount. On Sun, Feb 20, 2011 at 1:25 PM, Andrew Butler <abutler911@bivio.com> wrote: Lynn, I haven't done it for awhile, Andy, but I think Ira addressed it in his response to Mark. He can correct me if I'm wrong, but I will probably log the postage expense as a deductible expense for the club, and debit it to the Suspense account. Then, I will log a credit from the Suspense account to my capital account. It will zero out the Suspense account and leave both the debit and the credit where they belong.
Ira, is that correct?
Lynn O.
On Sun, Feb 20, 2011 at 1:25 PM, Andrew Butler <abutler911@bivio.com> wrote: Lynn, Hi Andrew, Create a dummy account on the Accounting>Accounts page. You can call it Suspense or something more descriptive like Reimbursements. Enter the expense and select that it was paid from this account. Then enter a Member payment for yourself and select that it was deposited into this account. This will zero it out and will result in you being reimbursed with ownership shares for the amount of the expense that you paid for the club. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Silly question, but last time I was on bivio.com, I found a how to page with links that took me to instructions for how to do different accounting things in Bivio. This was distinct from the getting started PDF. I'm on the bivio home page now and for the life of me I cant find this section! Can anyone lend me a hand? Thanks, Ellen Ellen Shershow Pena Photography 415.690.0278 Hi Ellen, It was probably the bivio library page. www.bivio.com/hn/library-faq.html There's also a link to it from the Club Cafe page. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Laurie, Yes! That is it! Thank you. Do you think it would make sense to add a link to this from the Bivio home page? I was looking for it there an could not find it. Ellen Ellen Shershow Pena Photography 415.690.0278 On Feb 20, 2011, at 3:49 PM, Laurie Frederiksen wrote: Hi Ellen, Hello, I just completed the tax interview on Bivio. I ended up with a 1065 and K-1's for federal taxes, and something called a 565 plus additional K-1's for California state taxes. Does this mean that I, as the club treasurer, send the 1065 and the 565 to the IRS, and distribute 2 K-1 per member to everyone in my club? Thanks! Ellen Ellen Shershow Pena Photography 415.690.0278 You need to send the whole 1065 (which includes the K-1s) to the Department of the Treasury in Ogden, Utah and then send the whole 565 ( includes the K-1(565))to the Franchise Tax Board in Sacramento. I would have all of your partners print up their own K-1s from Bivio.
John
From: Ellen Shershow <thatgirl@ellenswebsite.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Sun, February 20, 2011 6:50:59 PM Subject: club_cafe: taxes in california Hello, I just completed the tax interview on Bivio. I ended up with a 1065 and K-1's for federal taxes, and something called a 565 plus additional K-1's for California state taxes.
Does this mean that I, as the club treasurer, send the 1065 and the 565 to the IRS, and distribute 2 K-1 per member to everyone in my club?
Thanks!
Ellen
Ellen Shershow Pena Photography
415.690.0278
Got it. Thank you! Ellen Shershow Pena Photography 415.690.0278 On Feb 20, 2011, at 7:15 PM, John Rice wrote:
Will you please remove me from your email list. Thanks, -- George Sellers 12076 Road 23.25 Cortez, CO 81321 HM (970)565-0171 Correct.
Ira Smilovitz Join me at InvestEd 2011 In a message dated 02/20/11 15:05:35 Eastern Standard Time, garbagecop@gmail.com writes:
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