New LLC Partnership setup

Yes, distribute the funds using a journal entry BEFORE you download banking.  make the deposit to the bank in that amount and use the two partner equity investment accounts as the source accounts for the deposit, some thing like

bank deposit 10,000

partner one equity investment, 5,000

partner two equity investment, 5,000

I suggest for sole proprietors and partnerships the owner/partner equity accounts look like this:

[name] Equity (do not post to this account it is a summing account)

>> Equity ( first of the year roll up drawing and investment into this account as well as retained earnings)

>> Equity Drawing (record the value you take from the business here)

>> Equity Investment (record the value you put into the business here)

.

Thanks for the response! We have had the bank account active for a few years, but just starting to use QB’s now.  So, the bank account balance is already there, no deposit needed.  So, if our bank account balance is $10,000 and we are not doing a deposit, can I just link the bank account and do the distribution after that? Assuming that once the bank account is linked the balance in there will go to opening balance equity?

Just checking for clarity since you mentioned doing a deposit and one is not needed for us. 

Thanks!!

Sorry for the multiple replies, my phone freaked out and then it would not let me delete them after posted!