I have a monthly expense (cell phone bill) that is partially for my business, and partially as a personal expense.  Currently it automatically deducts from my business checking account, and I transfer the funds to cover the personal portion from my personal checking account. My question is how to handle the deposit/transfer.  I have it as an increase to my Member Draw Equity account, since this is the account I have the expense assigned (the personal portion anyway).  Is this the correct way to handle this?  FYI, I am just starting out and therefore want the cash flow from my personal account to cover this expense.

Also, unrelated but another Equity account question: I initially started with some personal money to get the company started, and this is in the Owner Contribution Equity account.  Does this need to be closed out each year to Retained Earnings (Owner's Equity since I'm an LLC)?