The Allocation of Income and Expenses Report shows the earnings that were allocated to members of the club at any time during the specified year. The report also shows any earnings remaining to be allocated at the end of the current year.
myICLUB.com adds allocated earnings to each member's tax basis in the club at the end of the year (Paid in Plus Earnings in the Members Status Report). The earnings are taxable income that each member should report on his or her personal tax return.
You can use this report to provide tax information for IRS Form 1065 and Schedule K-1. We suggest to print or save a PDF copy of this report at the end of each year, after you run the Allocation task (Accounting > Utilities > Allocate Income and Expenses).
Click “follow this link” to recalculate the year-end allocation.
There are two sections to the report:
There is a row in this section of the report for each member who withdrew (full or partial withdrawal) during the year. The report shows the date of the withdrawal and the member’s and their share of each of the items.
There is a row in this section of the report for each member who will receive an allocation of earnings at the end of the year. This shows the difference between the total income allocated and the amounts already allocated to all members who withdrew during the year.
Each section will have many of the same columns:
Units – Units added to each member's account as a result of the allocation. By default, this does not appear on reports past 2010, which was the last year the system was set to add or subtract units at year-end.