Hi @angelacct This is very helpful. I have an LLC, 2 partners. We each have our Equity account divided like this:
--Partner1 Equity - Contributions
--Partner1 Equity - Distributions
--Partner2 Equity - Contributions
--Partner2 Equity - Distributions
So at the end of the year, when i want to zero out the distributions (our "Draw" accounts), i would then create journal entries, with Debits to which accounts? I know to credit the Draw/Distribution accounts but i'm confused about the Debit.
Hello!just wanna ask if I did this right thing...in the bank feeds i categorize it as owners pay and personal expenses..however when i try to run the balance sheet,it shows negative amount and when i view it the transaction type is expense,is this correct?