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Level 1

Can I record quarterly partner distributions ?

I have set up partner equity accounts and sub accounts for distributions. No problem taking cash out by Jounal Entry but how do I record the amount being put into the sub account as a distribution of profits?
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QuickBooks Team

Can I record quarterly partner distributions ?

Hi there,

 

Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. 

 

I recommend contacting an accounting professional to get more info on how to properly record the PST in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. In case you need to add the tax code in your books, Let me know if you have other questions. I'm here to help.