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Jonnye90
Level 1
posted
‎October 08, 2019 03:43 PM
last updated ‎October 07, 2019 9:43 PM

Profit Distributed from one company to another company

Hi there, hoping someone can help me with this - my Ltd company owns a half share of a Partnership, when my company receives a profit distribution from the partnership what account do I book it to in Quickbooks.

 

The partnership is registered for tax so I'm guessing that the profit to my company won't be taxed again and so I shouldnt book that profit distribution as an income, but I'm not sure what else it would be booked as

 

many thanks J x

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1 Comment 1
Bonny_
Moderator
Moderator
‎November 05, 2019 12:19 PM

Profit Distributed from one company to another company

Hi Jonnye90,

 

For this scenario, I would recommend reaching out to your accountant or bookkeeper on how to record this properly. 

 

Here's a link to our Find-a-ProAdvisor Portal where you can get in contact with a QuickBooks Certified Accountant or Bookkeeper in your area: https://quickbooks.intuit.com/au/find-a-proadvisor/

 

Bonny

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