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Frequent Explorer **

Day care & Weekend school 1 entity. 2 separate books. 1 pays 50% of other business's expense. The Weekend schoo,Reimburses quarterly. How should I account in both books?

 
3 Comments
QuickBooks Team

Re: Day care & Weekend school 1 entity. 2 separate books. 1 pays 50% of other business's expe...

You can process a funds transfer from one company to other, Naila.

 

You can use check or expense from Weekend school, and deposited by Day Care. Here's how to transfer funds:

  1. Create an Expense or Check transaction.
  2.  Enter all necessary information especially the Payee, Payment Date, and the Amount.
  3. Select Save and close or Save and new.

To receive funds transferred from the other company:

  1. Go to the Plus icon and select Bank Deposit.
  2. Select the bank account the funds are going to.
  3. Enter all necessary information.
  4. Select Save and close or Save and new.

Also, I'd suggest consulting an accountant to be sure to select the correct category or account.

 

Visit us again in the Community if you need anything else.

Frequent Explorer **

Re: Day care & Weekend school 1 entity. 2 separate books. 1 pays 50% of other business's expe...

Thank you! I'm asked to I create payable account for the money owed to the daycare business in their books and create another receivable account in the weekend school's books  some sort of shared  expenses. So every quarter they know how much one business owes to other, and how much other business will receive, so in the monthly report it shows in the balance sheet. What is the best way to do  this?

Frequent Explorer **

Re: Day care & Weekend School 1 entity. 2 separate books. 1 pays 50% of other business's expe...

Could I record it as a loan owed to one business in the weekend school's?

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