Re: [SL] accounting question

[Michael H. <mh...@it...>]

Thank you Joseph!
    We went through the chart of accounts with our CPA and that's  
what he said as well.
    I'll add some more detail here in case anyone else is ever  
searching.  We created an account under Current Assets and just  
called it "Distributions" with the Account Type set to "Equity".  We  
then reposted the distribution GL entries using it instead of the  
wage expense account.


On Jan 22, 2007, at 4:24 PM, Joseph A. Maffia wrote:

> Someone posted an accounting question last week about distributions  
> for an us s corp.
>
> Distributions should be shown as a seperate equity account.  
> Therefore it won't affect the profit and loss and you can close it  
> out the previous year against retained earnings.
>
>
>
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