What is the correct why to set up Intercompany accounts between separate Companies, are they asset accounts? Need inter company accounts between separate companies Need directions to set up correctly Not sure if the account would be an Asset Account Know that each one would balance to the total in the separate inter company account

QB Issue Resolution:

The inter-co balances may be debit or credits depending on who owes.  If you know in advance that one co will always be borrowing and another will be lending, then set them us as liabilities & assets respectively.  But if you don’t know, or if the balances float back and forth, then just define them the same in both companies and allow the balances to become negative when needed.  Personally I class the inter-co advances as a long term liab even if its not really intended to be a long position, but that gets it out of the ‘operating’ area of the balanace sheet and puts it into financing – which is probably what it is?

Resolution for Issue 'What is the correct why to set up Intercompany accounts between separate Companies, are they asset accounts? Need inter company accounts between separate companies Need directions to set up correctly Not sure if the account would be an Asset Account Know that each one would balance to the total in the separate inter company account' available: Yes (Solved).
Source: Intuit Community forum.

What is the correct why to set up Intercompany accounts between separate Companies, are they asset accounts? Need inter company accounts between separate companies Need directions to set up correctly Not sure if the account would be an Asset Account Know that each one would balance to the total in the separate inter company account: 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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