I started a Single Member LLC company in Jan and setup Quick Books to reflect that structure, Owner versus shareholder etc. In March I filed 2553 for S-Corp tax election. Do I need to change my QB structure to reflect S-Corp accounts (shareholder versus owner), etc. or do I leave everything as is? Am I correct in assuming that even though I filed form 2553 I am still legally a SMLLC not an S-Corp?
The only addition you would need to make is for salaries (both officer and employees if you have some) and your federal and state tax liability accounts. You do not need to change the names to Shareholder unless you want to (I recommend that you do). You should also set up a Shareholders distribution/contribution account if you do not have one.
The only addition you would need to make is for salaries (both officer and employees if you have some) and your federal and state tax liability accounts. You do not need to change the names to Shareholder unless you want to (I recommend that you do). You should also set up a Shareholders distribution/contribution account if you do not have one.