boblink
01-12-2011, 02:48 PM
Hi, I am NOT an accountant or bookkeeper and would appreciate help in setting “the books” for a Limited Partnership that Buys and Sells stocks (I am not a Day Trader, I average have about 30-40 transactions a year).
I believe that “the stocks” are going to be treated as Inventory that I will need to enter in Peachtree Premium under Task--->Purchase/Receive Inventory.
I think I understand how this works, I will need to create a Vendor ID for each broker that I use (to buy / sell stocks) and an Inventory item for each stock that I buy.
My question is that I am “funding” the Partnership with stock that I currently own and am transferring into Partnerships name, for example, lets assume that I am funding 100 shares of xyz that are valued at $1 a share for a total of $100.
I believe that I DEBIT xyz $100 and I CREDIT Partners Capital $100.
My question is, the first entry that needs to be made in Purchase/Receive Inventory is Vendor ID but I don’t believe that Partners Capital is considered a “Vendor” so how do I handle this transaction?
Do I setup a Vendor ID for Partners Capital?
Do I consider the xyz Stock as something other than Inventory?
Any help that you can provide would be appreciated.
Bob
I believe that “the stocks” are going to be treated as Inventory that I will need to enter in Peachtree Premium under Task--->Purchase/Receive Inventory.
I think I understand how this works, I will need to create a Vendor ID for each broker that I use (to buy / sell stocks) and an Inventory item for each stock that I buy.
My question is that I am “funding” the Partnership with stock that I currently own and am transferring into Partnerships name, for example, lets assume that I am funding 100 shares of xyz that are valued at $1 a share for a total of $100.
I believe that I DEBIT xyz $100 and I CREDIT Partners Capital $100.
My question is, the first entry that needs to be made in Purchase/Receive Inventory is Vendor ID but I don’t believe that Partners Capital is considered a “Vendor” so how do I handle this transaction?
Do I setup a Vendor ID for Partners Capital?
Do I consider the xyz Stock as something other than Inventory?
Any help that you can provide would be appreciated.
Bob