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Mgillia2
Level 2

Intercompany Transactions

I have 3 accounts in QBO. The general operating account transfers money to the other two accounts. I have matched all transfer transactions in QB - matching the spent account to the received account. Is it necessary for me to create intercompany transactions/ journal entries like due to/due from since I already matched them and it balances to the bank? I'm so lost and need to get this done so I can reconcile the banks in QB. If I need to create intercompany transactions or journal entries in QB, what do I do ? Please help!!!

4 Comments 4
RCV
QuickBooks Team
QuickBooks Team

Intercompany Transactions

Thanks for providing us in-depth details of your concern, Mgillia2.

 

For the three accounts you have in QuickBooks Online (QBO), we only need to reconcile the parent account. This is because all the transactions in the subaccounts are rolled up into it.

 

You can check out this article for the steps and details: How to reconcile accounts.

 

For more details about setting up multiple subaccounts, just refer to this article: About bank or credit card subaccount setup

 

To create intercompany transactions or journal entries, I'd suggest consulting your accountant about this one. They'll provide you detailed information on how to best handle this one in your account. They'll also guide you on what posting account you need to use when creating a journal entry.

 

I've got a link where you can find articles about managing your bank transactions: https://quickbooks.intuit.com/learn-support/en-us/banking/07?product=QuickBooks%20Online.

 

Fill me in if you need anything else in QBO. I'll be here to ensure your success. Have a wonderful day ahead. 

Mgillia2
Level 2

Intercompany Transactions

How do I record an intercompany transaction for bank transfers? 

Catherine_B
QuickBooks Team

Intercompany Transactions

Hello there, Mgillia2. 

 

We can create a Bank deposit or Transfer for transferring funds from one account to the other. Let's make sure that both accounts are created within QuickBooks Online account. 

 

I'll show you how to create a Transfer: 

  1. Log in to qbo.intuit.com.
  2. Click the + New icon and click Transfer under Other
  3. Select the account where the funds are coming from in the Transfer Funds From drop-down, and to where in the Transfer Funds To
  4. Enter the amount and other details.
  5. Click Save and close

You can also check out this article on how to record bank deposits

 

Just let me know if you need anything else. You take care and have a great day!

Teri
Level 9

Intercompany Transactions

Transfers between bank accounts for one company are not "Intercompany" transactions.

They are just transfers between bank accounts.

Intercompany is when a company has multiple companies that are subsidiaries under a parent company.

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