I might be in a ideal position doing the qb and ttax business for 2 llc's. I keep fine tuning my qb accounts so they match the account for the 1065. my goal is to make them the same. W ttax business. there is a form in there called capital account and basis report. i it shows all parnters beginning cap act, how much is contributed (my eq act joe contrib), each partners share of income (net income from p/l) then it debits all withdrawls (eq account joe draw). One llc has stock investments and the statement never matches the 1099 but with a little invest adjust asset act you can take care of the minor differences. I do the dreaded 1065 "L" balance sheet and work at qb till all the numbers are the same. first of year using gen journal I put all the draws and contribs and retained earnins (net income) into their respective member equity accounts. now everyone is back to zero draw and contrib for the start of the year and all qb equity accounts match the k-1's and I'm supremely happy.
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