Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: If a client with multiple SMLLCs (A,B and C). It seems that A pays some of the expenses for B. How do I record the expenses?
If a client with multiple SMLLCs (A,B and C). It seems that A pays some of the expenses for B. How do I record the expenses?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
JoVPS
Level 1
07-08-2020
01:07 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If a client with multiple SMLLCs (A,B and C). It seems that A pays some of the expenses for B. How do I record the expenses? A has no income but B has income and B has income and hardly any expenses
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
qbteachmt
Level 15
07-08-2020
02:22 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A didn't pay for B. The Owner put funds into B and took a draw from A. You record the expenses for the entity that benefited from that expense and for the entity that was on the hook for it, because that is where the expense belongs. Don't confuse Banking with Expense.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
