Set up owners or partners in QuickBooks
I am new to QuickBooks because I have started my business and I need QuickBooks to manage daily accounting transaction. Now I need to setup partnership with no employees. But I do not want to pay payroll to them, I want to give them money according to their work. How to do?
PS: – urgent answer needed.
First of all tell me what type of business you are starting like it s just a partnership, LLC or Subchapter S-corp? Type of entity builds a difference. As you said that you are the sole owner then the employees cannot be on payroll and the money you paid to them is draw against their share of profit which will be calculated as their personal returns.
For every employee you will need to create 4 equity accounts. Under the main account just create Partner Equity, Partner Draw and Partner Contribution.
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