You will need to click on Log In at the top right hand corner of the screen.  Next, click on register and input your information.  Once you have logged into your account, the Account tab will show you an overview of your account information.  This tab shows your LLC name, contact information, account number and checking account balance.

The Investment tab will allow you to print checks for new investments and make record of them.  To print an investment check, click on the button for “New Check”.  Make sure that the check number at the top right matches the number on the physical check that you are going to print.  If it does not match, go to the “Account” tab and change the check number on this screen.  Fill in the blank for who the check should be made payable to and enter the dollar amount.  Next you will be required to identify the type of investment.  If this is a new investment, you will need to add a New Investment under the “Investments” table near the bottom of the page.  You may enter a memo if you wish to do so, but it is not required.  Once you have filled in the information, you will have to check the box stating “I have determined that this is not a prohibited transaction”.  If you are not sure if it is a prohibited transaction or you have questions, please consult a CPA or tax professional.  At this point, you may print the check or record it to print at a later date.

The Expense tab is used to create checks for expenses having to do with assets owned by your LLC.  This will be used to pay for things like taxes, insurance, repair on properties, etc.  All expenses for assets owned in your IRA LLC must be paid for out of the LLC account.  You cannot pay for expenses out of pocket and then reimburse yourself later.  That would be considered a prohibited transaction.  Checks are recorded and printed in the same way as the Investment tab.

The Income tab is used to record any income that the LLC receives.  If you have rental properties or any asset that generates income, that money will have to go back into the LLC checking account.  You cannot put those funds into a personal checking account.  To record income, click on New Deposit.  You may enter cash or a check.  Select the investment that the money is coming from and you will have the option to add a memo if you would like.  Once the information is entered click on record deposit to save the information.  You will also have the option of printing the deposit if you so desire.

The tab for Membership Unit Purchase is used anytime you add additional funds to your LLC that are coming from your IRA account.  You will use this tab for your initial investment into the LLC and then anytime you make future capital contributions to the IRA LLC, either through new IRA contributions or rollovers/transfers from other qualified retirement accounts.

Under the Distribution tab, you will notice that there is simply a note saying “Please contact your IRA custodian about distribution requirements.”  You cannot take distributions directly from your IRA LLC.  They must be recorded by the IRA custodian on a form 1099, so the money must go back through the IRA Custodian.  All Custodians have different requirements, so make sure to contact them before trying to take a distribution.

The Reports tab will allow you to view income statements, income transactions, expense transactions and your transaction journal.  This tab will also help you create your Asset Valuation Worksheet at the end of the year.  Your IRA Custodian will require this to determine the Fair Market Value of your IRA LLC.  When you pull up the Asset Valuation Worksheet, you will notice that all of your investments are already listed.  They will be listed with the purchase price.  If the value has changed throughout the year, you will simply need to click the “edit” button and change the value.  If you have any non-recourse loans in your LLC that you need to report on the valuation worksheet, click on “Add Liability Record” and add that information.

The last tab is for Maintenance.  This tab will allow you to delete or edit any entries that you have made to your account regarding investments, expenses, income and purchase of membership units.

We hope that you find to be a helpful resource in your quest for retirement independence.  Remember that this is just a book keeping tool and is not meant to take the place of a qualified CPA or tax attorney.  If you have any questions, make sure to speak with a tax professional.