MGMT LLC books are reconciled in its Current Assets, since there was $50 reduced from MGMT LLC bank account and $50 added to the Due From Holding LLC#1. The result I am looking for is the following: -$50 Due To MGMT LLC from HOLDING LLC #1.$50 repair expense for the sub-class 123 Main st.(owned by “HOLDING LLC #1”) from MGMT LLC’s bank account. I want to make sure I am creating my journal entries correctly in order to create what I described above.Įxample: MGMT LLC pays $50 for a repair for 123 Main st. I can then customize reports to show a PL and BS for each HOLDING LLC. I would like to continue using one company file in QuickBooks and just use classes and sub-classes for my Holding LLC’s and the properties they own. This will show me how much the HOLDING LLC owes the MGMT LLC or vice versa. The balance sheet for my HOLDING LLC’s will always have a running “Due To/From MGMT LLC” as a current asset. This MGMT LLC does not own anything, but all income and expenses are received and paid through the MGMT LLC bank account (which makes my life a lot easier). I also have an MGMT LLC that I use to collect income and pay all expenses for all of those 100 properties (10 Holding LLC’s). I generally create a HOLDING LLC to hold (own) 10 properties. I currently own roughly 100 rental properties. I’m transitioning my bookkeeping to QuickBooks and want to make sure I am setting up my files to coincide with my current PL and BS for all of my LLC’s
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