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nae
Level 1

Deeded a property to another company, how do I account for the loan being paid by the new company?

I own 2 companies and Company A purchased Property Z. However, I then deeded Property Z to Company B, and the loan still has a balance. Company B will take over the payments for Company A. How do I account for this in QB? I need to transfer the Fixed Asset (Property Z) from Comp A to Comp B and the loan balance. I am unsure of which accounts to use for the loan balance to clear it from A and add to B. Thanks!

1 Comment 1
Rainflurry
Level 15

Deeded a property to another company, how do I account for the loan being paid by the new company?

@nae  

 

Good question.  What are the two entities - sole proprietorships/single-member LLCs, S-Corps or ??  If S-Corps, are you 100% shareholder?  

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