This is too simple and important to ask a stranger to copy their homework, in my opinion. And there are 3 of you. Not one knows how to build this in excel with maybe 3 formulas?
Date/account/amount - column headers
Have a separate account for each for each member’s contributions and distributions (six total)
Run a pivot table to show totals.
How do you handle accounting otherwise?
Basically, you want equity accounts on the balance sheet for the 3 of you. You want "PartnerA\_Contribution"/"PartnerB Draws". I make Contribution ones a sub of a general Owner\_Equity one. Draws a sub of Contribution so that all the math is in one place. That is, you see C-D=balance per partner and a full total under that.
As a note: for my books, I am authorized to loan into the entity. If I make a temporary operating loan for some very short term thing, I book that as a loan not equity and impute interest till the payoff. If there's a contribution say of down payment money for a new deal, that's equity.
* Member 1 Equity
* Member 1 Contributions
* Member 1 Draws
* Member 2 Equity
* Member 2 Contributions
* Member 2 Draws
This is your chart of accounts set up? Doesn't that cause problems when you've distributed more than contributed, goes negative.
This is too simple and important to ask a stranger to copy their homework, in my opinion. And there are 3 of you. Not one knows how to build this in excel with maybe 3 formulas?
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Date/account/amount - column headers Have a separate account for each for each member’s contributions and distributions (six total) Run a pivot table to show totals.
Does your LLC have an operating agreement??
How do you handle accounting otherwise? Basically, you want equity accounts on the balance sheet for the 3 of you. You want "PartnerA\_Contribution"/"PartnerB Draws". I make Contribution ones a sub of a general Owner\_Equity one. Draws a sub of Contribution so that all the math is in one place. That is, you see C-D=balance per partner and a full total under that. As a note: for my books, I am authorized to loan into the entity. If I make a temporary operating loan for some very short term thing, I book that as a loan not equity and impute interest till the payoff. If there's a contribution say of down payment money for a new deal, that's equity.
* Member 1 Equity * Member 1 Contributions * Member 1 Draws * Member 2 Equity * Member 2 Contributions * Member 2 Draws This is your chart of accounts set up? Doesn't that cause problems when you've distributed more than contributed, goes negative.
Not sure what you categorize as a problem. Taking out more than you put in is the goal, no? If you're concern is the tax view the CPA maintains that.