Rustler
Level 15

Banking

@joe116 

 

Obviously if you have a partner in the company then you do not need a NEW equity account as @AlcaeusF shows you

 

use make deposits and select the equity or better the equity investment account for the partner

 

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here