Hi, I have seen an example of this in Quick Books but would need to set this up in my MYOB accounts
as setting up an inter-company funds transfer account with different bank accounts is cruical at this point for me.
Can someone show me how best it can be done in MYOB
Regards Lyndsay
Hi LyndsayB
Thanks for your post. If you have multiple companies you can set up loan liability accounts, for example, in Company A set up a loan liability account for Company B. When you create the loan liability accounts select Credit Card as the Account Type.
If Company A pays a Company B bill, enter the bill as normal in Company B. When recording the payment, or if you're recording a Spend money transaction, select the Company A liability account in the Bank account field. In Company A record a Spend money transaction, select the bank account in the Bank account field and allocate to the Company B liability account.
If funds are transferred between different company's bank accounts, record Transfer money transactions. The From account is the account funds are being withdrawn from and the To account is the account funds are being deposited to. For example, Company A transfers funds into Company B's bank account, in Company A the From account is the bank account and the To account is the Company B liability account. In Company B the From account would be Company A liability account and the To account is the bank account.
Please let me know if you need further help.
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