Hewlett Packard (HPQ) spun off Hewlett Packard Enterprises (HPE). Hewlett Packard is considered the parent company. The tax consequences of this spinoff are detailed in SEC form 10-12B/A, originally posted in the Investor Relations area of the HPQ web page.
This action is a simple spinoff transaction in the accounting software. The cost basis allocation information on this page is calculated using the opening prices of HP and HPE on the distribution date of the spinoff, 11/2/2015. As of the writing of these instructions neither HP nor HPE had posted a copy of IRS form 8937 with examples of how to allocate cost basis on their web sites. The IRS does not mandate specific times at which prices must be taken to calculate market value when determining cost basis allocation. Your broker may use closing prices or an average of the opening and closing prices. Cost basis allocation may then vary due to the price chosen.
The Spinoff Entry
Go to Transactions > Spinoff or Accounting > Securities > Record spinoff of securities depending on the version of the software being used. If you are unfamiliar with spinoff transactions you can get help at this URL: https://www.iclub.com/support/kb/default.asp?page=normal_spinoff
Here is the information you need to complete the spinoff.
Save the transaction and the spinoff has been entered.