Hi All, We are in testing phase of QuickBooks Online Plus. We have made following test transactions:Entered Opening Balances Entered Partner's ContributionsEntered ExpensesEntered SalesEntered AssetPerformed Asset DepreciationWe are getting certain value of NET INCOME. Now guide, how to record the profit/net income distribution among all partners, in the system. Regards,Abdul Rehman.

Question

How to record net income distributions among partners?

Hi All,

We are in testing phase of QuickBooks Online Plus. We have made following test transactions:

We are getting certain value of NET INCOME.

Now guide, how to record the profit/net income distribution among all partners, in the system.

Regards,

Abdul Rehman.

At the start of the year, net income is moved to Retained Earnings, then you distribute that amount to the partners.

debit RE, and credit partner equity for their share