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Re: Owner's Equity how do I make changes

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January 08, 2015 07:15AM
Hey Lorra!
It's been a while since my "accounting days" but I'm pretty sure that LLCs work the same way. Probably the customer should follow up with their accountant and see how they'd like them to do it. I suspect the answer will be to go ahead and don't use the Corporation option in Farm Works and set the owners up as a normal proprietorship/partnership business. I suspect the accountant will keep track of the Corporate Equity accounts anyhow and he should be able to easily account for the difference in Farm Works and his records.

In the end, the difference doesn't make a huge difference. It has no affect on Net Income, Assets or Liabilities. Just the way equity is shown on the balance sheet.

Clear as mud?
SubjectAuthorPosted

Owner's Equity how do I make changes

Martens Farms, LorraJanuary 06, 2015 11:02PM

Re: Owner's Equity how do I make changes

KathyClineJanuary 07, 2015 04:17PM

Re: Owner's Equity how do I make changes

Martens Farms, LorraJanuary 07, 2015 05:15PM

Re: Owner's Equity how do I make changes

Scott NusbaumJanuary 08, 2015 07:15AM

Re: Owner's Equity how do I make changes

Martens Farms, LorraJanuary 08, 2015 11:51AM

Re: Owner's Equity how do I make changes

KathyClineJanuary 08, 2015 01:43PM



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