How to flow Credit Card transactions to the investments shareholders' reports?

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1

Here is a case that failed to be solved in the QB environment.

  1. Bank accounts, 20+
  2. Private investments, equity, and debt 40+.
  3. LLCs, 20+ that own Investments.
  4. Partners, 40+ that own LLCs

Bank transactions are nonorganized; NO credit card is assigned to any person or business.

Challenges:

  1. To run P&L for each investment.
  2. To run P&L for each LLC.
  3. To run schedule k1 for each partner. ( not equal split of loss and profit)

Is it TAG is the best solution?

(see screen attached )

Tax strategy Wealth Management (1)
Tax strategy Wealth Management (1)960×540 29.5 KB

2

Hi @Mike5 - You can use Tags, but you can also just as well create your own custom column in the Transactions sheet and classify each entity/business/investment in that custom column. I do this with real estate for example.

A benefit to the Tags column is that it is already supported in several community templates and Tiller solutions. Adding a custom column would likely require customized reports.

There are a lot of community discussions on P&L that you can look into. I’ve created some customized P&Ls that can be aggregated on any column including Tags. So for my own case, I can run the P&L by months/time for a single entity, or I can run the P&L by an aggregator, viewing multiple investments side by side. This becomes useful when one entity owns multiple investments. I don’t generate K1s but I do use those solutions to create Income statements used by a CPA at tax time.

Note that AutoCat can also run against a custom column, so there really are lots of ways to customize the set-up based on your individual situation.

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3

Hi @Mike5 have tags worked for you or any suggestions from @KyleT ?

4

we are stile tunning, 5000 transactions to organize

5

:sweat_smile: ok! let us know how it goes.