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Level 1

Transfering money from savings to Checking -- and making it a liability loan to be repaid -- How?

We are a non-profit and it is one entity.   We started a Daycare in our Church and transfered money from the Church Savings account to the Daycare checking account as a loan for start-up costs -------- The Loan HAS to be repaid.

 

All departments accounting is on one QB ---- so I was able to transfer funds from one account to the other on the books but the transactions ONLY show on the Account Registers and the Account balances on the Balance Sheet ------  I need to change it so it shows on the balance sheet as a loan.  The reason is I'm the only one who understands how much has to be paid back to the savings account.

 

I want the Directors to be able to see how much money is still owing at all times -- and when the loan is paid back in full.

 

Any suggestions?  Please keep it simple! LOL

Bev

2 Comments
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Level 10

Transfering money from savings to Checking -- and making it a liability loan to be repaid -- How?

If the 2 businesses are 2 legal entities then they should each have their own books.

If they are 2 divisions within the same legal entity, there is no loan

Highlighted
Level 1

Transfering money from savings to Checking -- and making it a liability loan to be repaid -- How?

This is a non-profit.  And it is one entity but two different departments. ----The money transferred from the Savings account to the Checking account HAS to be repaid.

 

How do I post the money being used or paid back  --- so the "receiving" account has a running balance to show how much they owe the other "lending" department.

 

I want it to show on the balance sheet -- so all the Directors know the balance OR when the "loan" has been repaid.

Thanks

Bev

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