QUESTION from Joe:
Hi Guys. In need of some investor books help. here are my questions:
1) In need a video/instructions for creating intercompany transactions.
For example, we have multiple LLC and each LLC has its own tax return.
If all owner capital contributions are deposited into LLC1, then are transferred through bank transactions to LLC2 or LLC3, how do I set up my chart of accounts for that transfer?
2) At year end, how do I clear out the Income Statement for all the entities to Retained earnings?
Remember the Income Statement is organized by class (not separate accounts for each property), so how does that end of year Income Statement get put in the proper retained earnings accounts?