Hello there, Attempte.
Yes, you can set up a holding bank account for the second company and then cut a check to show the withdrawal. Here's how:
- Go to the Gear icon and select Chart of Accounts.
- Click New.
- Choose Bank for the Account type. Under Detail Type, pick Cash on hand.
- Then name the account Holding Account.
- Once done, press Save and Close.
However, I still recommend consulting an accountant to accurately track your transactions and reconcile accordingly.
In addition, you can visit this article when it's time to reconcile your account.
Let us know if you have any banking concerns. We're available to help you 24/7.
