Have you ever wondered how to transfer money between accounts in QuickBooks? Or do you have two companies that you need to do an intercompany transfer in QuickBooks for? If so, then you are in the right place!

This is the second video in a series where I teach you how to transfer money from a parent company to a subsidiary or simply transfer money between business accounts.

If you have not watched the first video and are wondering how to get started with this process, here is Part 1 of the Video Series.

If it’s a Negative

Go up to “Lists”

“Chart of Accounts”

Go down to the bottom and click “New”

Choose “Other Account Types” (Long-Term Liability)

Click “Continue”

Enter “Account Name”

Click “Save & Close”

 

Option 1

Go to “Make General Journal Entries”
Date

Enter “Account” & Enter “Debit” amount (Intercompany in Debit Side)

Enter “Account” & “Enter Credit” amount

Add “Memo”

Click “Save & Close”

 

Option 2

If you double click on the transaction from the Chart of Accounts

Pick Date, Number Type, Account, Memo, Amount

Click “Record”

 

If it’s a Positive

Go up to “Lists”

“Chart of Accounts”

Go down to the bottom and click “New”

Choose “Other Account Types” (Other Asset)

Click “Continue”

Enter “Account Name”

Click “Save & Close”

 

Option 1

Go to “Make General Journal Entries”

Date

Enter “Account” & Enter “Debit” amount

Enter “Account” & Enter “Credit” amount (Intercompany in Credit Side)

Add “Memo”

Click “Save & Close”

 

Checking Reports

Go up to “Reports”

“Company & Financial”

“Balance Sheet Standard”

Change “Date range”

 

Part 1 of this video: https://canduskampfer.com/transferring-money-different-entities/

 

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