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Robert M.
Robert M., Consultant
Category: Financial Software
Satisfied Customers: 3046
Experience:  30 yrs. of computer experience in financial and marketing departments.
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How do I enter distributions s corp in

Customer Question

How do I enter distributions for my s corp in quickbooks?
Thanks
Submitted: 1 year ago.
Category: Financial Software
Expert:  Mark Taylor replied 1 year ago.
You can create a separate equity account for distributions. You would need to close the account to Retained Earnings at the end of the year.
Customer: replied 1 year ago.
I created the equity account for distributions and now I'm trying to enter a distribution amount and I am
Confused as to what the increase/decrease portion is. Where do I enter the distribution amount
Expert:  Mark Taylor replied 1 year ago.
Are you using the check register in the bank account. If you are using the check register. The account that you would select would be the distribution account.How many shareholders are there. Each shareholder would need a distribution accountant. The distributions should be equal to their ownership percentage. For example if there are two shareholders (A owns 75% and B owns 25%) then the distributions should coincide with the ownership percentage. If total distributions are $1000 then A should receive $750 and B should receive $250. If you are entering the distribution as a journal entry you would debit the distribution account and credit the bank account. Does this help?

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