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I have another issue concerning intercompany transactions- Canada malt made a direct deposit into my Partnership account but it was actually inventory that was in my corporation and the deposit should have gone into the Corp. i need to make the deposit transaction to my Partnership without involving inventory and then I need to move the money from the partnership to my corporation and then somehow do an inventory transaction to show the sale to Canada malt and reduce my inventory.
Hi Daryl! Ok we're looking at 4 transactions for this one...
1. Partnership: Deposit to bank, offset against your intercompany transfer account (Credit). This will put the money into your Partnership bank account.
2. Corporation: Deposit to bank for for zero dollars, offset against the income account like you would normally enter a grain sale. This will look after recording your income and adjusting your inventory. Last line on this would be to offset the income against your intercompany transfer account (Debit).
You can stop here if you leave the cash sitting in the partnership bank, but if you want to move the money across too, then...
3. Partnership: Withdrawal from bank, offset against intercompany transfer account. (Debit)
4. Corporation: Deposit to bank, offset against the intercompany transfer account. (Credit)