Hi, this one is for the Pastel/TurboCASH gurus.

Basically our business is a partnership and we all know that partnerships have different accounting treatments compared to companies and sole props. I'm struggling with grasping how to account for a partnership in Pastel/TurboCASH. (I'm trying to decide which system is best for me at the moment.)

The main thing I'm baffled about is the year end procedures. I think I understand them on paper:

1. Net Profit/Loss get's closed off to the Appropriation account.
2. A salary account for each partner is created at year end. The salaries are debited in the appropriation account, as well as the interest on capital.
3. The remaining balance in the appropriation account is appropriated between the respective partners and credited (assuming a profit was made) to their current accounts. (Represents their share in the profits of the business).

Now the problem comes in with the year end procedures in each of these programs. I just can't fathom how to make them work for a partnership. They both seem to do regular year ends where profits are closed off to Retained Earnings etc.

Can anybody explain to me how I might go about accounting correctly for the partnership in one/both of these accounting packages? It's been a couple years since I studied partnership accounting so I am definitely a bit rusty.