Cash Withdrawal/Deposit

Are you a sole proprietor, LLC, etc? Are both accounts for the same business or separate businesses?

1. For the company receiving the funds, on your chart of accounts create a long term liability loan called Loans Made to LLC or Company (parent account)
2. Then create a sub-account called Loans by company name
3. For the company giving the funds on the chart of account create an other current asset account called loans made to others (parent account) and then a sub-account called company X loan
4. When moving the money out the business lending the other company the funds post the transaction to the sub-accounts created in line three.
5. When receiving the funds into the business that needs the funds to post it to the sub-account in line two
6. Since both businesses are closed then the CPA will write off the loans to bad debt which is an expense.
7. If you want to write off the debt yourself on both books create the bad debt accounts on both QB files chart of accounts then do a journal entry from the loan to bad debt to close the loan off each of the books.

I hope this is clear, good luck and well wishes to the next chapter in your life.