Easily Delete Name Field from the Shareholder Loan

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do I remove a shareholder from Proseries?

To remove a partner/shareholder from your Partnership or S-corporation return, you must permanently the associated Schedule K-1. In order to permanently delete a Schedule K-1, delete the last one in the list of partners or shareholders.

Can a shareholder loan be converted to equity?

It is also not complicated to transfer a loan receivable to the capital reserve as a voluntary contribution or to reclassify it from the loan account to the equity account of a partner in a partnership. In this way, a shareholder loan is converted into equity in no time.

How do I remove a form from ProSeries?

If ProSeries is installed as a stand alone: Double-click on the year of ProSeries. A list of all installed federal and state products will show. Select the federal or state product you want to remove and select Uninstall.

How do I delete a client in ProSeries?

Right-click on the client(s) and select Delete. Alternatively, from the File menu, select Client File Maintenance and choose Delete.

How do you treat a loan from a shareholder?

A shareholders Loan is a form of financing falling under the debt category, where the source of financing is the shareholders of the company, and that is why it is called so; this Loan is of subordinate level, wherein the repayment happens after all other liabilities are paid off, and even the interest payment is

How do I change admin on ProSeries?

Open the configuration file ProWinYY. Look for the section labeled [Preferences]. If under this section Admin=1 is displayed, it is the admin workstation. If there it displays Admin=0, it is a user workstation.

How do I enter Schedule K 3 in ProSeries?

To enter the K-3: Open the Schedule K-1 Worksheet. Scroll down to the Foreign Transactions line: For partners, this is line 16. For shareholders, this is line 14. Check the Schedule K-3 is attached if checked box. Enter the Name of Country or U.S. Possession. Complete lines B through AI based on the K-3 received.

How do I remove a loan from my balance sheet?

I can help you get rid of the uncollectable loan on the Balance Sheet report. You have to write off the unpaid invoice and declare it as a bad debt. This is to clear your accounts receivable and reduce your net profit by its amount.

How do you split a return in ProSeries?

From the File menu, select Split MFJ Return. If you get a warning for No MFJ Allocation for Spouse review your TSJ indicators in the return or select OK to continue without reviewing them. By default, ProSeries will create two new data files, one for the taxpayer and one for the spouse.

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Delete Name Field from the Shareholder Loan