Splitting assets in accounts

apearlman

Hello,

I have several rental properties that are in LLC's where I am 50% owner. I cannot find a way to split the asset value of that account based on the proportion of my ownership. Because of this the account value is double and it skews my net worth. If this does not exist this would be a great add for Rental property accounts to have this option.

NotACPA

Well, you can either make a one-time adjustment so that only your half is recorded in the asset, and only record 1/2 of total income and expenses

OR, for the asset part you could record an offsetting liability account for the 1/2 that you don't own.

Q, simply, was never intended to record partnership interests. QB can do that, but it's a MUCH more sophisticated, and expensive, product.

apearlman

@NotACPA Thank you for your response. I do use quickbooks for my business. I use quicken to manage networth for estate purposes. I was hoping the system would allow for a different method but will take the approach you suggested with making an adjusting entry.

Best Regards,