Skip to main content
L
lecoyhouse
September 4, 2023
Question

Unequal Owner Distribution in an Equal Partnership - How do you book that?

  • September 4, 2023
  • 1 reply
  • 0 views

Hi All,

 

I have a problem -

 

My partnership is 50/50 - My partner took out 20k for payment on a project he was largely involved with as we agreed upon.

 

I need to know how to book this so that when we go to pay taxes it shows as money he made versus money I was involved with. What is the proper way to go about booking this?

1 reply

BigRedConsulting
BigRedConsulting
September 5, 2023

It's not clear if you want to track income or distributions.

 

Generally the way to track the latter is to use different Equity accounts for each partner.

 

I'm not sure how you'd track income by partner, but using classes or Sales Reps and the resulting reporting features for classes or reps could work.

Terms & ConditionsAccessibility statement