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October 30, 2020
Question

Quickbooks online

  • October 30, 2020
  • 1 reply
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We have a LLC partnership.

We have an Aflac account that the deductions from employees paychecks go into and once a month I debit it to pay Aflac. 

Now the 2 partners have Aflac, but because we take a member draw no money is deducted and credited into the Aflac account.

How do we move money into(credit) this Aflac payroll liability account ? when we debit our main account it debits the aflac account. When we credit the aflac account it it credits our main account. Thus throwing off the main account. What we were looking at doing was transfering (debiting) from our main check register into (crediting) the Aflac payroll liability account.

1 reply

Rustler
October 31, 2020

Use a journal entry
debit partner 1 draw for his amount
debit partner 2 draw for his amount
credit aflac payable for the total