updating equity balances
sullivanfamilyllc61
Member Posts: 2
Is there a way to zero out the income and expense balances and split them in equity between multiple partners? Or will I always have a running total in income and expense?
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sullivanfamilyllc61
Member Posts: 2
Is there a way to zero out the income and expense balances and split them in equity between multiple partners? Or will I always have a running total in income and expense?
Comments
@sullivanfamilyllc61,
There is no need to do it that way. The Equity section should agree to partners capital on Form 1065. You can use an account for each partner for contributions and distributions in the equity section.