LLC unit recording
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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lso68
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greenmtn
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The solution
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.
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