QB Issue Resolution:

Thanks for reaching out to the Community, Bookkeeper2002.

I have some great insight to provide you on this situation. Inter-company transfers are a bit tricky, and largely depend on the structure of the businesses involved. If the company is complex enough to require a second QuickBooks, there may be a predetermined way to record these transfers. For a general idea on how you can accomplish this, check out the QBO guide on inter-company transfers here.

As the article notes, please be sure to consult your accountant or tax professional to ensure you record it in the correct accounts based on your situation. Let me know if there’s anything else I can do for you, and have a great day.

Resolution for Issue 'Overview: Wholly Owned Subsidiary / Operating LLC wishes to move/transfer money to the Parent / Holding Company, which is an S Corp with 3 Shareholders. Each company has its owns Books. The transfer of funds is to pay Salaries / Distributions to Shareholders. The 2 Companies however file 1 consolidated tax return (1120S & K-1 to Shareholders), want to avoid QuickBooks showing the income twice. This is not a loan. What is the correct way to tag & report in each company’s Quickbooks? Thank you for any help.' available: Yes (Solved).
Source: Intuit Community forum.

Overview: Wholly Owned Subsidiary / Operating LLC wishes to move/transfer money to the Parent / Holding Company, which is an S Corp with 3 Shareholders. Each company has its owns Books. The transfer of funds is to pay Salaries / Distributions to Shareholders. The 2 Companies however file 1 consolidated tax return (1120S & K-1 to Shareholders), want to avoid QuickBooks showing the income twice. This is not a loan. What is the correct way to tag & report in each company’s Quickbooks? Thank you for any help.: 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.

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