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Intuit

How to set up owners or partners

There are times when you'll want to set up the owners or partners as suppliers, and create accounts accordingly to record transactions associated with them.

(If you have already set up the owner or partner on a different list, you can move them over to the supplier list. )

Set up an owner or partner as a supplier

The following steps will help you set up an owner or partner as a supplier:

  1. Select Expenses and then Suppliers.

  2. Select Add a supplier.

  3. Fill out the form, then select Save.

Set up an equity account for a sole owner or partner

Next, you'll need to set up an owner or partner equity account. (For multiple owners or partners see the next section.)

  1. Select the Gear icon on the Toolbar.

  2. Under Your Company, choose Chart of Accounts.

  3. Select New.

  4. From the Account Type drop-down, select Equity.
  5. From the Detail Type drop-down, select Owner's Equity or Partner's Equity depending on your situation. (For multiple owners or partners see next section.)
  6. Name the account, then select Save and Close.

Set up equity accounts for multiple owners or partners

  1. Select the Gear icon on the Toolbar.

  2. Under Your Company, choose Chart of Accounts.

  3. Select New.

  4. From the Account Type drop-down, select Equity.
  5. From the Detail Type drop-down, select Owner's Equity or Partner's Equity depending on your situation.
  6. For multiple owners or partners, you can set up separate equity accounts as sub-accounts, like this:
    • Partner's Equity > Lee's Equity > Contributions
    • Partner's Equity > Lee's Equity > Distributions
    • Owner's Equity > Pat's Equity > Contributions
    • Owner's Equity > Pat's Equity > Distribution
  7. To create a sub-account select the Is sub-account checkbox
  8. Choose the appropriate parent account, which must be the same type as the sub-account. (Note:If you don't want to track contributions and distributions separately, you can omit these sub-accounts. Remember to check with your accountant if you're unsure.)
  9. Name the accounts, then select Save and Close.

Now you're able to set up owners and partners as suppliers and create accounts to record transactions associated with them.