Transferring funds received by one company to another company
Options
Amber_7920354
Member Posts: 3 ✭
We have two companies in Quickbooks but one eftpos terminal that is linked to Company A. If funds are received through the eftpos terminal for Company B, I transfer the funds electronically. How do I show this for both companies without it showing Company B's income in Company A? Thanks!
0
Comments
-
Best to double check with your accountant but if you've got your two companies set up as different files what we've done is treated them as loans to the company. I.e. When the sale is processed: Company A: Make deposit to bank account - from account "Loan from Company B" (other liability) Company B: * Journal: Loan to Company A (other current asset) DR Sales CR (use GST tax code and customer name here if required) When the funds are transferred * Company A: Write Cheque to Company B from bank account to "loan from company B" account. Use the NT or no tax code Company B: Receive Deposit to bank account from loan to company A account. *you can enter these transactions in bulk if you wish for relevant reporting periods like weekly or monthly At the end of the reporting period, both loan accounts should balance and be reconciled to each other. This is what we've done for grouped entities - in the case of ungrounded companies, the accountant may prefer you handle it differently. Good luck.!3
Categories
- All Categories
- 6.4K Accounts Hosted
- 10 📢 Reckon Accounts Hosted - Announcements
- 5.9K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.3K Reckon Payroll 🚀
- 21 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 2.9K Reckon One
- 7 📢 Reckon One - Announcements
- 10 Reckon Invoices App
- 14 Reckon Insights
- 107 Reckon API
- 822 Payroll Premier
- 307 Point of Sale
- 1.9K Personal Plus and Home & Business
- 62 About Reckon Community