quickbookscustomerservice: How to record an intercompany transfer in QuickBooks
How to record an intercompany transfer in QuickBooks
QuickBooks offers you some of the greater features to maintain quality support in banking transactions with no worries. You can easily create inter-company accounts and manage inter-company transactions between two or more companies. You can call at quickbooks tech support number if you need further assistance. For now, this blog will also be helping you to manage the process of inter-company transactions.
How to create inter-company accounts:
QuickBooks offers you some simple steps to proceed with the inter-company accounts. You can follow the given steps:
- In the first company tab, you need to create an inter-company bank account.
- Now you will open the charts of accounts and then right-click on it to select ‘now’ option.
- Next, you can create a new ban account by giving it the name of another company.
- Further, you can follow the simple screen instruction to create inter-company bank accounts or other companies.
How to transfer funds between companies:
- Go to the company tab and create normal cheque.
- You can add a payee and ten select accounts.
- After that, click on save and close.
- Now go to the second company and choose the correct bank account.
- Enter all the amounts in both of the company accounts and then follow the process further.
Reconcile inter-company bank accounts:
- Review the bank balance in both of the company as credit and debit.
- Enter the opening balance and closing balance.
- Once you get assured of all the amounts, you can close the window.
How to record intercompany transactions in QuickBooks?
If you talk about two companies, it denotes two QBO subscriptions. Now suppose these companies are A and B and so you need to create liability account for both companies as mentioned here:
For company A:
You would require to create a liability account from B in company A chart of accounts that will help you to pay expenses due from company B. next you can use that liability account for the payment for other expenses.
For company B:
Once you have created a liability account for company A successfully, then you need to enter a payment to A in the number of expenses paid. Further, you have to use that expense for the payment.
Get customer support for QuickBooks assistance:
If you require further assistance, then you can call at quickbooks technical support where you will be getting the most promising support and quality assistance to fix your issue proficiently and proceed with the tasks that you are meant to do with QuickBooks.
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