What is the correct Journal Entry for my Owners Investment and Partner Distribution accounts so that they are 0 after year end? S corp

In an s-corp there is no such thing as owner or partner investment.  When an owner or partner puts money into the corp, that is a loan and should be paid back.  Use a liability account instead of owner investment

The company holds a shareholder meeting at least once a year with written minutes of the meeting.  Some states require more than once a year, check to see.  The minutes reflect that a distribution is authorized in so much per share, and as of a certain date.  Use a journal entry to move funds in the total amount from retained earnings to distribution payable, debit retained earnings, credit distribution payable.  Then on the pay date, issue the payments using the distribution payable account as the expense (reason) for the payment

Thanks Rustler, That makes sense.  I will shift the amount put into the company into a loan payable, and then assign the money we take out accordingly.

Now for previous years, this was not done, and now the owners investment account has just been a running sum since inception.  Our retained earnings number is also very inflated by close to the same amount.  Are these related?  And is there a proper way to correct the owners investment account so that it shows 0 for the previous years activity?

I think the original poster said he was a partnership that elected S-corp taxation. Aren't they still governed by partnership rules. Electing a form of taxation does not change the business form does it?