There's a small difference in amounts between my tax forms and my 1099, how can I correct this?

A very small discrepancy (one to a few cents) is in the numbers reported on the 1065 or K-1 when compared to the year-end distribution and/or 1099. There are no identifiable transactions in the amount of the discrepancy.

Here is a checklist of items to review:

  • Check the version of your Club Accounting software by clicking on HELP > ABOUT. You should be running Version 3.2 or higher.
  • Make sure that all dividends from stocks for the previous year have been entered in the Security Section, and NOT in the Cash Section. The ex-dividend date must also be entered for all dividends received. If you have stock dividends recorded in the Cash section, they must be deleted and re-entered.
  • Do you have any prior years without a Distribution of Earnings (DOE) A DOE should be run at the end of each year. Confirm that you have done so by viewing the report Complete Journal/Ledger for 12/31/YY dates: Click REPORTS at program top, then on COMPLETE JOURNAL/LEDGER. If you do not see Distributed Earnings for any given 12/31/YY date, you will need to create a distribution for any missing year. To do that, click on TOOLS at program top, then on ALLOCATE INCOME AND EXPENSES.
  • Do you have zero balances in your Complete Journal/Ledger at the start and end of the year To find out, view the Complete Journal/Ledger with 01/01/YY as your Start Date and 12/31/YY as your End Date. Check to see if the beginning balances or ending balances in three key columns --Div. & Interest Received, Misc. Received, and Gain on Sales-- are NOT zero. If you have any amounts in the start or end balances in these columns, then you have some transactions in an earlier year that are causing problems and that must be resolved.
  • If any of these circumstances exist, let us know and we can provide detailed instructions for correcting them.