How do you set up the capital accounts for each partner? It has set up a code for partner a drawings etc. but this is incorrectly withing current assets/liabilities. How do I deal with capital introduced, opening equity etc.
For partnerships you could create a new nominal account under the “Capital and Reserves” header. You will find this option in the Chart of Accounts section.
You can also create multiple C/R accounts for each partner if you wish.
If the capital introduced was monetary (rather than stock/assets) you can enter the capital introduced as “money in” on the bank, then tag it directly to the new “Capital introduced” nominal ledger.
To tag directly select the option “Something else not on the list” when tagging from the bank:
Then:
I should add, I am not an accountant so I would always advise you to seek a professional opinion.