I am setting up an LLC with 3 partners. I created 3 partners’ equity accounts (capital accounts) with two subaccounts each (equity accounts) one for contributions and one for distributions. Should the subaccounts be accumulated adjustments or distributions and contributions equity accounts on the “detail type” field? if they should be d and c accounts should they still be subaccounts of the partners’ equity account?

QB Issue Resolution:

In QB when you create a sub account, the parent account becomes a summing account and you do not post to it, if you do post to it, then on the balance sheet you will the account name-Other with a balance, very strange to look at

so the equity account structure if you are using sub accounts, should look like

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing – you record value you take from the business here
>> Equity Investment – record value you put into the business here

And as John says at year end after all tax time adjustments are made you move (roll up) the balance using journal entries and clear drawing and investment to equity, as well as the partners portion of retained earnings

Resolution for Issue 'I am setting up an LLC with 3 partners. I created 3 partners’ equity accounts (capital accounts) with two subaccounts each (equity accounts) one for contributions and one for distributions. Should the subaccounts be accumulated adjustments or distributions and contributions equity accounts on the “detail type” field? if they should be d and c accounts should they still be subaccounts of the partners’ equity account?' available: Yes (Solved).
Source: Intuit Community forum.

I am setting up an LLC with 3 partners. I created 3 partners’ equity accounts (capital accounts) with two subaccounts each (equity accounts) one for contributions and one for distributions. Should the subaccounts be accumulated adjustments or distributions and contributions equity accounts on the “detail type” field? if they should be d and c accounts should they still be subaccounts of the partners’ equity account?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for equity accounts
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!

Error Recovery for equity accounts [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.

Click Here for 50% off!

Additional Support Options:

• equity accounts
• QBO
• Reports and accounting