Intercompany Transfer from Subsidiary to Parent

Our company (Parent) recently started a subsidiary where we own 85%. The subsidiary has separate EIN, bank account, and Quickbooks. The financials will be consolidated at the end of the year. Our company (Parent) pays all of the bills on behalf of the subsidiary. These are on the income statement as expenses (the Class is shown as the subsidiary). The subsidiary's bank account received equity funding from outside investors. Now we want to transfer some of that funding to the Parent company so we can use it to cover payroll. 

What is the best way to handle this? Since the financials will be consolidated, would we still need some sort of contract agreement between the two companies?

For the journal entry I'm assuming the funding on the Parent's Quickbooks would go to an Asset Account - "Receivable from Related Party". The expense on the subsidiary's Quickbooks would be a Long Term Liability.