Schedule K-1
In accounting, schedule K-1 means the statement a partnership (with Form 1065) or an S corporation (with Form 1120-S) gives each owner, reporting that owner's share of income, deductions and credits for their own return.
Authority: IRS — Instructions for Form 1065 (opens in a new tab). Sources
The lessons that teach this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
- EntitiesThe entity menu › General partnershipTwo or more owners, no entity formed, every partner liable — Form 1065 and a K-1 for each partner.4 min
- EntitiesHow each entity is taxedSchedule C, Form 1065, Form 1120-S and Form 1120 — and Northwind's illustrative year taxed twice as a C corporation (32.85%) or once as a partnership.10 min
- EntitiesThe S corporation electionWho can elect, the Form 2553 deadline, reasonable pay, the $7,424.33 it saves a consultant — and why Northwind can't stay one after a round.10 min
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- Form 1099
- Form W-2
Components that render the terms it depends on
No component names this concept outright, but it's built from terms that components do name. These render statement.
3Payments
Family spec- BankStatementOpening → lines with a running balance → closing, proven against the bank's own figure.
- LedgerTableDouble-entry with debit/credit columns and a balance check.
- PeriodGridThe ruled grid. Frozen panes, hidden columns, hover change, ⌘C.
- ReconciliationViewTwo-pane matcher. The match animation.
- TableColumnsSort and resize for a table that renders on the server.
- StatementOfChangesInEquityThe fourth statement. Equity components across, movements down.
- CashFlowStatementOperating / investing / financing.
- StatementNotesNumbered notes, referenced from the line they explain.
- StatementRowIndent level, subtotal, total, expand.
- StatementTableThe shared shell: hierarchy, periods, rules.
- StatementToolbarBasis, period, comparison, currency, consolidation.
- DrilldownSheetStatement line → the GL entries behind it.
- ReportHeaderEntity, statement, period, basis, currency, as-of. Every figure states its basis.
- BalanceSheetAssets / liabilities / equity, with the balance check.
- FluxAnalysisPeriod-over-period explanations.
- ReportingPackageA board or lender pack as one object: contents, basis, review state.
9Accounting core (GL)
Family spec10Receivables (AR)
Family specAlso in Entity types
Defined in Lexicon. This page is generated from that document, so the two can't disagree.