How to record and carry forward a large rental loss?

Despite your "ownership" via capital in the rental LLC you do not record its activity or even the pass through loss on your books of your S-corp.  It will be accounted for in your 1120S AND Form 8825 and K-1

These are tax issues, not accounting issues, and QuickBooks is accounting, not tax software, despite its ability to produce certain tax forms.

Dates, because the loss is not generated within your ordinary business activities, are immaterial. The other forms you file, and due to passive loss limitations, will determine how much loss you can take and against which type of income. For that consult your tax CPA (no S-corp or even LLC should be without one). This consultation will also illuminate any effects of loss against equity in the LLC.  I doubt that it affects it as a percent as there would be no annual change in operating agreement of the LLC changing each member's ownership level even though cash equity could change.  Example 3 individuals equally invest in a company and despite the amount they invested or how much gain or loss takes place they each share equally 1/3 of the profit or loss and 1/3 of the current book value (equity) of the company

Now, if your own S-corp had its own rental operations then such loss would be recorded on your books for the year it happens - but, again, you would not, on your company books, adjust the loss from year to year as each year stands alone and the  application of income or loss is all pass-through (for LLC and S-corp)

Thank you very much for your helpful reply. 

I think I understand what are you saying but I need little clarification on how to recored rental income/loss in quickbooks.

You have mentioned that I do not need to record the loss from that outside LLC in my quickbook. Now , I have received about $2500 in rental income from that LLC during 2020 which I have deposited in the bank account.  I have recorded this $2500 as rental income in quickbooks. 

So here where I am confused: If I am not recording the rental loss from the outside K-1, do I need to record the  rental income generated by another corporation in my S-Corp's quickbooks or do I need to leave that income out of quickbooks and enter it only in  Form 8825 as well?  If I record that $2500 in quickbooks as well as in Form 8825, then I am using that income twice for tax purposes.  

And here is another issue which is confusing me: lets assume I receive distribution of $2500 from that outside LLC during 2020 and I record it in quickbooks as ordinary rental income. Bt when I receive the K-1, it has a different value as income (due to various adjustments) . How do I handle the difference in the income entered in the quickbooks and distribution listed in K-1 issued to my LLC? 

Thanks for your time.