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How to split profits among different owner's equity account

SOLVEDby QuickBooksUpdated December 20, 2023

You can use Journal Entry to split the profit by different owner’s equity accounts.

The steps are as below:

  1. Select + New.
  2. Select Journal Entry.
  3. Enter the entries as follow:
    • Debit retained earnings
    • Credit Owner’s equity account A
    • Credit Owner’s equity account B
    • Credit Owner’s equity account C
  1. Select Save.

After that, run a Balance Sheet report to check the decrease in retained earnings and Increase in Owner’s equity for the different owners.

 

 

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