Question about Intuit QuickBooks® Premier Contractor Edition 2006 Full Version for PC

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Can I transfer money from my buisness company to my personal company?

In my quickbooks 2006 contractor edition I have 4 companies set up. I want to know if there is a way to transfer money from the bank account in one company to the bank account in another company.

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Hi. You will not be able to record a transfer directly from one company to another. The "transfer funds" feature in the banking menu works only for accounts in the open company. You probably know that QB's only allows you to have one company file open at one time. You do not mention the nature of the relationships between the companies. If the funds you are transferring are for "intercompany" transactions, it would be more accurate to create invoices/bills, etc, and handle the transfer like any other non-related business transaction. However, if you are the owner and are shifting your liquid funds between these entities, you should be recording these against an officer loan payable (or whatever is applicable to the type of business entity that you have).

Posted on Jun 06, 2009

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Hi, I may be able to assist you here. If I remember my accounting procedures
Your quickbooks has 4 companies set up, you want to know if you can take money from one companies account and put it inmto another company account? Personally I have not USED Quickbooks but I have used other accounting software.. You will want to post a debit from account 1 to company 2 then for company 2 you will want to post a receipt from companyt 1 as a deposit into company 2 account.. Normally a range of numbers such as 1XXX may be used as receipts 2XXX may be used as debits..etc etc .. 4XXX accounts payable 5XXX accounts receivable as long as both accounts are kept in balance you shoiuldn't have too much difficulty I presume that your quickbooks uses the online banking for both companies?
I hope this helps

Posted on May 22, 2009

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If the error occurred when you were restoring a company file from a backup or updating a company file to a newer version of QuickBooks over a network:
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If the error occurred when you were trying to open and use a company file:
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  7. Open the company file in QuickBooks. If you receive the same error message, open a different company file or a sample company file located in one of the folders you scanned with the Database Server Manager.
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PS Please rate my answer as I am attempting to become a premium expert.

Thank you

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