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Manage rental property transactions between 2 LLC

adrianl

Hi,

We needed to create a second LLC that purchased a property. Now LLC1 is paying rent to LLC2 by transferring money between (our) accounts at the same bank. How can I enter rental transaction for LLC2 so that it shows as income in the P&L and expense for LLC1?

Thank you,

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Comments

Tom Young

"transferring money between (our) accounts "

I'm reading that as "each LLC has a bank account."

If that's correct then enter the expense (Payment) in LLC1's bank Account in Quicken, enter the income (Deposit) in LLC2's bank Account in Quicken. If you're downloading transactions in Quicken and making the entries manually before the download then each bank Account should find a "Match."