This is my first time doing LLC accounting. I am using peachtree. The member operating capital contribution is 15,000 for a new small business. I put it in G/L account Member's contribution that was pre-set up for an LLC company in peachtree.

This account gets closed because its an equity account. There are two other equity accounts that get closed.....retained earnings and Member's draw. I would think that the operating capital should be kept on the books after closing end of year.

Is this set up correctly or should I move the 15,000 from the equity account and put it in a long term liability account and call it operating capital?

If I do have it set up correctly, how will these equity accounts close (will everything go to retained earnings). I must have it wrong because I have to keep track of the member's contribution to capital.

Thanks for the help.

Terry

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