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Kev0
May 31, 2022
Question

T2027 company windup

  • May 31, 2022
  • 1 reply
  • 0 views

I have wound up an idle opco, owned by my holdco, which had money owed to my holdco that will not be repaid. 

I filed a t2027 to report this, but need to know how to record the process in quickbooks to clear the "Due from Related Company" amount from my holdco's ledger.

1 reply

A
Alex M
May 31, 2022

Hi there Kev0,

 

It's important that all your transactions are correctly entered in your books so that your financial records can be up to date. QuickBooks Desktop is a great tool able to help you keep track of various accounts in order to help you see your assets, and liabilities as well as the profit of your company. I can point you in the right direction for assistance with reporting this in your books.

 

In order to move this money from your dues to related companies, I recommend reaching out to your accountant for assistance. They'll be able to specify if a General journal entry or another type of transaction is best to be used, as well as which accounts need to be affected so that everything will be correctly balanced. If you don't have an accountant and would like to find one near you that has experience using QuickBooks software, you can check out our Find an Accountant page.

 

If you have any other questions, feel free to reach out here. 

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