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LLC unit recording
6/1/09 8:21 PM, Viewed by asker 6/29/09 7:43 PM
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Total Views: 148
For a new LLC, do you record payment by member for units of the LLC on the balance sheet? If so, what G/L account do you use?
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All Replies: Answers (1)
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Solved!
6/2/09 8:09 AM
Yes debit cash and credit the equity account for the member
Cash 1000.00
Joe Smith-Equity 1000.00
Make sure "Joe Smith" is set up as an Equity account, you can have sub accounts for investment and draw to show these if you want.
