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When would I add an Equity account?

During your company setup process, QuickBooks created two Equity accounts for Opening Bal Equity and Retained Earnings.

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The actual account names are based on the business entity you selected during the EasyStep Interview.

Business Entity

Account Name

Account Description

Sole Proprietorship Owners Equity Monies invested in the business by the owner, and profits kept in company accounts
Single-Member LLC (1040) Members Equity Monies invested in the business by the member, and profits kept in company accounts
Non-Profit Exempt (990) Unrestricted Net Assets Net assets available for any use - retained earnings
     
Partnership or LLP (1065) Retained Earnings Undistributed earnings of the business
Multi-Member LLC (1065) Retained Earnings Undistributed earnings of the business
Corporation (1120) Retained Earnings Undistributed earnings of the business
S Corporation (1120-S) Retained Earnings Undistributed earnings of the business
Other/None - no tax-line mappings Retained Earnings Undistributed earnings of the business

In addition to these, you might want to create additional Equity accounts to track owner's equity, owner's draws, capital investments, and capital stock.

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See also

KB ID# H_COA_INFO_ADD_NEW_ACCOUNT_EQUITY
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PPRDQSSWS403 9138 Pro 2017 6036d1