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sgfee123
February 16, 2025
Question

Help with Reconcile

  • February 16, 2025
  • 1 reply
  • 0 views

Hello Quickbooks Desktop Community,

 

Please help with the following:

 

I manage a Partnership LLC. It trades stocks. The end-of-year bookkeeping matches the broker statements perfectly so I do not think there are any mistakes. However, the bookkeeping does not match the 1099 that the broker provided. There is a $75 discrepancy. I've read, the way to resolve it, is to treat it as Income or as an Expense depending on whether the discrepancy is negative or positive.

 

What is the correct way to resolve a small 1099 discrepancy?

 

I use Windows 11 & Quickbooks Pro 2018 Desktop.

 

Thank you for your help,

Steve

    1 reply

    T
    Teri11_2
    April 6, 2025

    You should be able to see the $75 difference on broker statement to know what it is.

     

    If company is buying and selling stocks, I assume they are buying at one price and selling at a different price.

    The difference would be profit or loss.  If it is a profit, you have income and if it is a loss, you have expense.

     

    Income would likely be taxable but not enough info is provided here to say for sure.

    Who gets 1099, the buyer/seller or your LLC?

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