QB Issue Resolution:

You need to talk to your Tax Accountant.  As a 501c3 you do not want to assume any info you get from any online forum will hold up in a tax audit.  Your accountant will know both companies and what you can legally do.

 

The QBs side of it should be pretty straight forward.  Payment from A to B, B showing the deposit.  It’s documenting it correctly that’s going to be the issue so there are no tax or legal issues.

Resolution for Issue 'Transferring funds from one corporation to a new corporation (501C3) We have one corporation (A) and have recently began a second corporations (B), both of them are 501c3 non-profits. In order to help this new corporation ‘B’ get started, corporation ‘A’ transferred money from its’ bank account to corporation B’s bank account. I’m converting to Quickbooks online now and starting a brand new account for the new corporation B. My question is how do I enter this transfer of funds in the chart of accounts for both corporations? This is not a loan, and corporation B will never pay corporation A back. Thank you for any guidance!!' available: Yes (Solved).
Source: Intuit Community forum.

Transferring funds from one corporation to a new corporation (501C3) We have one corporation (A) and have recently began a second corporations (B), both of them are 501c3 non-profits. In order to help this new corporation ‘B’ get started, corporation ‘A’ transferred money from its’ bank account to corporation B’s bank account. I’m converting to Quickbooks online now and starting a brand new account for the new corporation B. My question is how do I enter this transfer of funds in the chart of accounts for both corporations? This is not a loan, and corporation B will never pay corporation A back. Thank you for any guidance!!: 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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