Hi,

I am really struggling with a particular issue in QB Online. I am part of a 3 person LLC (a Partnership).  Each partner owns 1/3 of the business, but service revenue generated by a partner goes to that partner. 

In my General Ledger, I have each partner setup as:

- Partner 'A' Equity

   - Partner X Contributions (Subaccount)

   - Partner X Distributions (Subaccount)

When an Invoice gets paid, I transfer the amount of that invoice to "Partner X Contributions". 

Here are my questions:

1. Is this correct? Or should I be putting that money into Retained Earnings?  Or somewhere else?I assumed that the "Contributions" account is what I ultimately use to show how much a Partner earned and contributed to the company. And this will ultimately show up on the Partner's K-1 for tax purposes

2. Once the money is received, we will turn around and transfer that money to the Parnter's personal Bank Account. So I assume that is taking an "Owners Draw". What is the best way to do this? Create a check? And should I ensure that outflow shows up in "Partner X Distributions"?

3. I also have our business bank account integrated into QB. However, when the transaction comes it, it counts it as income. However, when I mark the Invoice as "Paid", it also counts it as income. So, its double counting my income. I click "Match" to avoid this issue, but when I do, it decrements the money out of "Partner X Distributions"

So, so confused by all this.. If anyone has any idea, I would be most grateful.  I has assumed this was pretty basic, but I've been fighting with it for many, many hours now.