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Thanks Mat! So in the first example, would you not clear the entry from the books from Company 1 when Company 2 repays? Or Does Company 2 repay Company 1?
Yes you’re exactly right. When Company 2 repays you would put the account for the payment as Due to Rock Castle and on Rock Castle put it against the Due From account
Hi Mat, thank you for the video. I do have a question: would method #1 and #2 make a difference when it comes to tax, assuming the owner is identical in both companies (if one method will result in a higher tax liability than the other)?
In general they should both result in the same tax outcome. Depending on a number of factors, running through equity can cause some tax issues (basis issues) if you’re not careful
Hi Mat, thank you for this video. Can you also make a video when the Company 2 pays the Company 1 through deposit. The step by step when the company 1 make an invoice, make a payment then a deposit and same on the side of Company 2.
@@QbuniversityOrg yes. Like your example on this video, after company 1 pays expenses for company 2, what if the company 2 has already deposited the payment for their expenses paid by company 1.
I have two companies Company A pays for the payroll and insurance for all employees, company B has to reimburse them for their portion of the salaries, wages and insurance, in addition Company B has to pay Company A for the dental and vision insurance as it is paid for by Company A and also the IRA that is deducted from the employees paychecks, I need to show salaries and taxes expenses on both companies for their own employees - any idea how to do this
Assuming no actual funds are being transferred between entity bank accounts, how to do you close out the intercompany accounts at the end of the period?
Hello! I was wondering if anyone knew how to mark the bills that were paid, well as paid. The owner of the company used his other company's credit card to pay for 16 bills he owed through this other company. So I chose method one and recorded the, so to say, loan. But I have those bills and to mark them paid I need to choose an account it was paid from but no actual money was spent. How do I do that. Thanks!
www/QBUniversity.org - leave a comment or question here! Also grab 3 free videos at www.QBUniversity.org that reveal the top 3 mistakes all Quickbooks users make!
Thank you for this. Other videos have either been TOO much information or not enough. This was simple and straightforward.
Awesome! Glad it helped!
Thank you. I have chosen method one. I do not know how to issue the check to company #2 now. Can you guide me through this?
Guide you through writing a check out of one company to the other?
Thanks Mat! So in the first example, would you not clear the entry from the books from Company 1 when Company 2 repays? Or Does Company 2 repay Company 1?
Yes you’re exactly right. When Company 2 repays you would put the account for the payment as Due to Rock Castle and on Rock Castle put it against the Due From account
Hi Mat, thank you for the video. I do have a question: would method #1 and #2 make a difference when it comes to tax, assuming the owner is identical in both companies (if one method will result in a higher tax liability than the other)?
In general they should both result in the same tax outcome. Depending on a number of factors, running through equity can cause some tax issues (basis issues) if you’re not careful
Hey Mat, How do you record a transfer from your business account to your personal savings account
Wow, you spelled my name, right! Show it as an owners distribution from the business
Hello teacher, how to reconcile inter company transactions? Thx
Unfortunately, you just need to manually make sure that the balance is high at the end of the month on each books
Not high, that it matches
Hi Mat, thank you for this video. Can you also make a video when the Company 2 pays the Company 1 through deposit. The step by step when the company 1 make an invoice, make a payment then a deposit and same on the side of Company 2.
Is this for when they legitimately transact business with each other?
@@QbuniversityOrg yes. Like your example on this video, after company 1 pays expenses for company 2, what if the company 2 has already deposited the payment for their expenses paid by company 1.
@QbuniversityOrg also wondering this same thing.
Hello can you also upload videos about splitting the principle, interest and escrow?
I’ll have to do that!
Thanks Mat! what if the company A receive the money from money B, how do you record the transaction in the company A?
I have two companies Company A pays for the payroll and insurance for all employees, company B has to reimburse them for their portion of the salaries, wages and insurance, in addition Company B has to pay Company A for the dental and vision insurance as it is paid for by Company A and also the IRA that is deducted from the employees paychecks, I need to show salaries and taxes expenses on both companies for their own employees - any idea how to do this
How to record when you transfer the surplus cash to your parent company eg quarterly or yearly.
What would be the double entry please if have an idea?
Why do I not see the journal entries when reconciling my statement?
Reconciling your bank statement? If the journal entry is affecting the account you’re reconciling, you should see it in the reconciliation screen.
Assuming no actual funds are being transferred between entity bank accounts, how to do you close out the intercompany accounts at the end of the period?
You’d have to run it through equity
So how do we actually transfer the money from these accounts? or is that even necessary?
Hello! I was wondering if anyone knew how to mark the bills that were paid, well as paid. The owner of the company used his other company's credit card to pay for 16 bills he owed through this other company. So I chose method one and recorded the, so to say, loan. But I have those bills and to mark them paid I need to choose an account it was paid from but no actual money was spent. How do I do that. Thanks!
Thanks
Welcome!
Hi... How to match intercompany????
Do you between companies?
how to record recapture of capital cost allowance in quickbooks
Do you mean depreciation?
Sold my truck and Turbo tax program added income stated as. RECAPTURE OF CAPITAL COST ALLOWANCE. I need to add this amount as income into Quickbooks
This is not right !
What’s not right?