I have two companies, both for the same non-profit organization. We have an administrative company which is used for dues and administrative expenses and a service company with income from fundraisers and expenses to organizations and scholarships. When the service company gets low in funds I transfer funds from the administrative company to the service company. What type of accounts other than income and expense do I need for each company to track the transfer?
Thank you for reaching out to the Community.
Before going into detail, workflows vary from business to business, so I recommend reaching out to your accountant in a situation like this to ensure that your books are accurate.
If you have any more questions or concerns, please don't hesitate to comment below. Have a good rest of your day!