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Old 06-27-2005, 06:36 PM
djarcadian djarcadian is offline
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Join Date: Oct 2004
Posts: 162
2 business, transfer debt

We have 2 seperate companies. Company ABC, Company XYZ

We have two seperate credit cards. One for each company.

Same owner for both companies.

We transfer funds between the companies as needed. The withdrawl records as an owners draw from ABC and an owners investment in XYZ.

Now, a while back a balance transfer moved $4500 worth of debt from company XYZ's credit card to company ABC's credit card.

Now, how do I record transfers of debt? What should I do?
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Old 06-28-2005, 11:37 AM
Joey Joey is offline
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Join Date: Jan 2002
Location: South Florida
Posts: 6,258
Do it the same way as you do the checks except us Enter Credit Card Charges screen for the one that received the charge and charge the Owner's Draws equity account.
On the one that had the CC balance paid off, use Enter Credit Card Charges and click on the Credit box instead of the charge and use Owner's Contributions for that one as if the owner paid the cc himself.
I would put a note in the memo area so I could see what I was doing later in case I forget.
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