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Loans to establish a separate business

rcad
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rcad
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Loans to establish a separate business

We are using Accountright.

We have established a second business (Company B).

Company A has loaned cash and also made payments (such as rent, showroom fitout, etc.) on behalf of Company B.

For Company A - if I setup an Asset account (Company B Loan Account) this will look after the cash loans and repayments.

My question is.... is it possible to get the payments on behalf of Company B (minus GST) into the same Asset account?

 

Thank you, 

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Ultimate Partner IanChait
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IanChait
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Re: Loans to establish a separate business

Hi @rcad 

 

Each company should have it's own data file.

 

Create Inter-company Loan accounts in each file. Make them Banking or Credit Card Type accounts, and then you can record Receive Money and Spend Money transactions in them. Each time you pay something in Co A for Co B, record a spend money in Co A to the loan account. In Co B record a spend money from Co A loan account.


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

rcad
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rcad
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Re: Loans to establish a separate business

Thank you Ian, I appreciate your advice.

Is there any easy way to treat payments on behalf of Company B so that Company A can take advantage of the GST paid and only charge the 'excluding GST cost' to the Asset Loan Account?

 

Thank you again.

MYOB Moderator Neil_M
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Neil_M
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Re: Loans to establish a separate business

Hi @rcad 

 

This is probably something you will need to speak with your accountant about, as they would be able to advise of any ways that you could use to have company A pay the GST on behalf of company B

Regards,
Neil

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