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How to split profits among different owner's equity account
by Intuit• Updated 4 days ago
You can use Journal Entry to split the profit by different owner’s equity accounts.
The steps are as below:
- Select + New.
- Select Journal Entry.
- 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
- 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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