Quicken & Other Budget/Accounting Software/Income



Closing of a/c in Dec14 for year 2014, there is a balance of $4,641.20 from the holding company (Income).

How do i move this balance to Amount due from Holding Company under "Other Asset"?


I dont know the answer to this one as I am unclear
as to how and why the 4641.20 was posted to income

I will assume that the 4641.20 is a credit balance if
it was posted to income

Therefore a Debit would be required to bring it to zero.
Now you need to decide where the credit should be posted

If you post a credit to an "other asset" , then the balance
will be a credit balance in an "debit balance" account.
(Assets are debit balance accounts). That would display as
a negative number on the balance sheet.

If indeed we have to post a credit, I would then assume tha t
the money is due to a related party company. So I would set up
a Liability accont alled Due to XYZ company.

You asked how to move it.  You would use a jouranl entry.
Debit the income account (if it is a credit balance)
Credit the Due to XYZ account

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
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Linda Saltz, CPA, QBalance.com


QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com


Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
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