If you run more than one business, you may need to transfer funds between companies in QuickBooks. This process involves a two-sided transaction in which you transfer funds out of one business and receive it into the other business. You may record this transaction as an expense of check for one company whereas, deposit for the company at the receiving end. You the transaction is made in the form of a loan from one company to another, it may increase a liability account and create an asset in the other company. Before you perform inter-company fund transfer in QuickBooks, follow this post until the end to get a comprehensive insight into this process.
Not sure how to transfer funds from one account to another in QuickBooks? Dial our support number ((800)-579-9430 to get relevant support from certified experts
Things You Need To Consider Before Performing QuickBooks Transfer Funds Between Companies
Transferring funds between companies in QuickBooks can be a perplexing task. To get it done smoothly, you need to consider the below-given points:
- When you transfer from one company to another, you need to record the two-sided transaction
- Both accounts are not in the same company file, so you need to be careful while recording these transactions
- Fund transfer can be an expense for one company whereas, gets deposited at the receiving end
- If the fund is transferred in the form of a loan, then it may increase a liability account and create an asset in the other company
How To Transfer Funds To Another Company In QuickBooks Fail-Safely?
If you want to transfer money between bank accounts in QuickBooks, then follow the below-given steps with the utmost attention:
- Hit Create icon and then select either Check or Expense from the Vendors
- Choose the bank account to transfer the fund from
- Provide required details such as the payee, payment date, and payment method (optional).
- Now from the Category column under the Category Details, hit Asset or an Equity account that shows the funds going out of the business.
- Here, you need to make sure that the correct account is chosen to avoid any liability.
- Enter the amount to be transferred in the Account column
- Finally, click Save and then Close
These steps can help you to transfer funds to another company in QuickBooks.
How To Receive The Funds For Intercompany Fund Transfer In QuickBooks?
Follow the below-given steps to Transfer Funds between Companies in QuickBooks:
- Select the Create icon in the first place to start the inter-company fund transfer in QuickBooks.
- Now hit on Bank Deposit option available under Other.
- Next, you have to choose the bank account where you want to receive the inter-company fund transfer in QuickBooks
- In the Add funds to this deposit section, you may specify the name of the company transferring an amount (optional)
- When you see a drop-down menu next to the Account, select Equity or a Liability.
- Enter the amount received in the Amount column
- Select Save and close or Save and new
Following the above-mentioned procedures in the post, you can easily transfer funds from parent to subsidiary in QuickBooks. However, if you have any kind of technical unease while transferring funds between two companies, don’t hesitate to give us a call on our helpline number (800)-579-9430. In no time, you will be connected to one of our dedicated professionals who will guide you on how you can transfer funds between companies in QuickBooks with the utmost ease.