Hello,
I have just created a Partnership LLC for a Tech Consulting company and am brand new to Quickbooks.
Simple setup:
- 2 partners, 50:50 ownership
- 1 partner will be getting a guaranteed payout for the first 6 months of $10,000 a month, because they are doing significantly more work for one of our clients.
- Chart of Accounts: I set up 4 equity accounts - 1 for each partner to track Distributions, and 1 for each partner to track Contributions
Question:
- I'm using the Partner Distribution Equity for Partner Draws, and those should come out to 50:50 split at the end of the year. I believe I'm supposed to create an expense account to track guaranteed payments. Because I'm new to quickbooks, I was hoping to find a tutorial to confirm my understanding and walk me through the steps to do this. How do I set up the account, and how do I track each payment?
Thanks for any advice!
