I can think of two options for you to record the transactions, ConstructionGTD. Let me guide you.
First, you can record the transactions by creating journal entries on both companies. You'll want to enter a note in the Memo field for the transfer details. Also, I suggest conferring with your accountant to ensure the accounts used are correct.
Next is you can transfer funds between companies. The process lets you record a two-sided transaction - you are transferring funds out of one business and receiving funds in the other business. You'll have to create a check to transfer the funds to the other company. Then, receive the transferred funds through a bank deposit.
Once the funds are transferred, you'll have to create a check or pay the bill to record the vendor payment.
If you have additional questions, don't hesitate to let us know. We'll be right here to help you out. Take care!
