Drake Software Evaluation Guide

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1 3 8 | P a r t n e r s h i p R e t u r n 2 0 0 8 D R A K E S O F T W A R E* To locate the code number for roofing, with your cursor in the field for line C,press CTRL + SHIFT + S to open a field search. Type ROOFING in the Pleaseinput search data field and click Go. Select 238100 Roofing & Siding & SheetMetal Contractors, and click OK.**Because we’re preparing a federal return only and not a state return, enter 0(zero) for the resident state to suppress the state return.Figure 85: Partnership General InformationPress ESC to save the data and go to the Data Entry Menu.STATE GENERAL INFORMATIONTo open the State General Information screen, type 2 in the selector field and press ENTER.Since we are not preparing a state return, there is no need to make entries on this screen.Review the screen and press ESC to return to the Data Entry Menu.___NOTETo open a screen from the Data Entry Menu, click or enter the screenname or code in the selector field. For example, to open the State GeneralInformation screen, either click State General Information, or type 2 inthe selector field and press ENTER.Drake Software Evaluation GuideCopyrighted Material
2 0 0 8 D R A K E S O F T W A R E P a r t n e r s h i p R e t u r n | 1 3 9INCOME AND DEDUCTIONSPartnership income is reported on the Income & Deductions screen (screen 3), and on theOther Income (INC) screen. Deductions are recorded on screen 3, the Other Deductions(DED) screen, or the Taxes and Licenses (TAX) screen.To open the Income and Deductions screen, type 3 in the selector field and press ENTER. SeeFigure 86 on page 140. Enter the following data from Gator Roofings’ profit and loss sheet.See “Financials” on page 157.FieldsGross receipts or sales 869, 658Returns and allowances 29, 242Salaries and wages 52,000Repairs and maintenance 4,000Rents 36,000Interest expense 8,000Retirement plans 2,000Employee benefit programs 4,000DataSome of the most common entries for Schedule K are entered on screen 3. Amounts entered onthis portion of the screen do not need to be re-entered on the K screens. Enter the followinginformation:FieldsOrdinary dividend 1000Qualified dividends 200DataThese ordinary dividends are distributed by Special Allocations later in the return.Copyrighted MaterialDrake Software Evaluation Guide
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