Transferring account balances from sole prop to s-crop

Hello, dina t. 

Thank you for reaching out to the Community. You can create a clearing account to transfer the AR, AP and banking balances into QuickBooks. Setting up a clearing or wash account will help you move money from one account to another account when you cannot move the money directly. 

With regards the assets and Liabilities, transferring your business assets from a sole proprietorship to a corporation has tax and legal consequences. As a rule, you must make these transfers at fair market value. If you have assets of great value that you need to transfer to the corporation, it might be a good idea to get an independent valuation.  

I still encourage seeking help from your accountant. He/she could guide you which option to take based on your recording practice and business needs.

Just let me know if you have other questions. You take care and have a great day!

Hello, dina t. 

Thank you for reaching out to the Community. You can create a clearing account to transfer the AR, AP and banking balances into QuickBooks. Setting up a clearing or wash account will help you move money from one account to another account when you cannot move the money directly. 

With regards the assets and Liabilities, transferring your business assets from a sole proprietorship to a corporation has tax and legal consequences. As a rule, you must make these transfers at fair market value. If you have assets of great value that you need to transfer to the corporation, it might be a good idea to get an independent valuation.  

I still encourage seeking help from your accountant. He/she could guide you which option to take based on your recording practice and business needs.

Just let me know if you have other questions. You take care and have a great day!