QB Issue Resolution:
It really depends on the relationship between you and each entity, and the details of each entity.
For instance, there is no Owner in a corporation; you would be a Shareholder, and might not be the only shareholder. Corporations are their own people; the Supreme Court told us so. This is loan From Shareholder, a Liability, when you put you own funds into the corporation’s bank account.
For the LLC, if there are partners, members, or it is elected to be treated as a Corporation, it is the same concept for money In.
For both situations, money Out is repayment of that loan.
For the LLC with no partners, just you, and treated as a disregarded entity, money Out is a Draw from Equity. Money In is a return of Equity, or a deposit back into Draw, or tracked as Investment Equity.
For money from the corporation to the LLC, it might be Other Asset, as Loaned; but, it might be Your Distribution, instead. However, I don’t know if your CPA is aware of these activities and has counseled you on what you should or should not be doing, here. You don’t remove value from a corporation “as needed.”
You should likely run all of this past your own CPA.
Resolution for Issue 'How can I show the transferring of funds between different companies in the Chart of Accounts?' available: Yes (Solved).
Source: Intuit Community forum.
How can I show the transferring of funds between different companies in the Chart of Accounts?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Chart of Accounts
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