Is it possible to transfer funds between Business.
Using my second business as a vendor is not really suitable since they are not related.
Yet I would like to take funds from my Computer Consulting business and apply it as a
Equity to my Auto Repair Business.
In the business providing the funds, create a loan account under Assets and allocate the payment to the loan account. In the business receiving the funds it depends on the business structure, if it is a company, create a loan account under Liabilities to allocate the funds received. If the business structure is a sole proprietorship or a partnership, an account can be created in Equity to allocate the funds received.
Thank you that cleared that up easily.
By the way .
I Love the Server Manager Software it works great since I’m on the road a lot.