How do you setup QuickBooks for partnerships? I need to allocate income and expenses. I have classes setup for each partner, but that means I have to print reports for each partner. I am trying to allocate income and expense to each partner so when I print the G/L, each partner's share is shown. Now, net income/loss is allocated to "Net Income" in the equity section. How do I get it into the partner's account instead?

Usually this is done at year end. Qb will close out the income and expense accounts to your eqiuty account. Then you do a journal entry to post it from there to each partners' equity type profits account. If you want to do it before hand then do it in Excel or somewhere else or you will screw up your year end. Each partner can take draws against their final net profits. You should have a equity draw account for each partner. Calculate the amounts and cut a check and charge to draw. At year end QB will close out to the equity account and then you can do a journal entry to divide by partner. What they make less what they took out if their net amount due.