We plan on putting money into the LLC throughout the year (investment) should that be listed as partner's equity or partner's contributions? Is there a difference?

yes

technically no there is no difference it is all partner equity

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

People use this set up so that they can readily see what was taken and put into the business during the year, when the new year starts you use journal entries to clear the investment and drawing  account balances to equity

Thank you Rustler so this is how I set it up.  I didnt see an option for "Partner's Drawing" so i used the Distributions instead. Will this work?

Owner's Equity:

>>Vanessa

>>>> Vanessa's Contributions

>>>> Vanessa's Distributions

>>Jacob

>>>> Jacob's Contributions

>>>> Jacob's Distributions