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J
Jonnye90
October 8, 2019
Question

Profit Distributed from one company to another company

  • October 8, 2019
  • 1 reply
  • 0 views

Hi there, hoping someone can help me with this - my Ltd company owns a half share of a Partnership, when my company receives a profit distribution from the partnership what account do I book it to in Quickbooks.

 

The partnership is registered for tax so I'm guessing that the profit to my company won't be taxed again and so I shouldnt book that profit distribution as an income, but I'm not sure what else it would be booked as

 

many thanks J x

1 reply

Bonny_
Bonny_
November 5, 2019

Hi Jonnye90,

 

For this scenario, I would recommend reaching out to your accountant or bookkeeper on how to record this properly. 

 

Here's a link to our Find-a-ProAdvisor Portal where you can get in contact with a QuickBooks Certified Accountant or Bookkeeper in your area: https://quickbooks.intuit.com/au/find-a-proadvisor/

 

Bonny

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