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.

Thanks

Add Comment
1 Answer(s)

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.

If any assistance you need you can call us on QuickBooks Customer Service Number 1888-396-0208 and get connected.

Answered on April 4, 2019.
Add Comment

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.