Intercompany and Owner Loan Account Review
Check balances between related parties.
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[VERIFY] is an editorial flag, not a blank to fill. Wherever the prompt shows [VERIFY], check that item against a reliable source before you use it.
Review related-party and owner loan balances. Entities and how they relate: [ENTITIES]. Transactions between them during the period: [TRANSACTIONS]. Balances per each side: [BALANCES]. Written agreements: [AGREEMENTS]. Compare the balance recorded by each side and compute any difference. Classify each transaction (loan, repayment, expense paid on behalf, sale between entities, salary or dividend) and note the supporting document needed. Flag: transactions without documentation, interest that has not been charged though an agreement mentions it, loans that appear to be permanent, and owner withdrawals that may be treated differently. Return a reconciliation table and a list of questions for the accountant, since tax and legal treatment of related-party and owner transactions is sensitive in [JURISDICTION] [VERIFY]. Do not assert tax consequences. Add a template for a simple loan record (date, amount, terms, repayments) and a monthly confirmation routine. End with a list of balances that do not agree between the two sides, each with the likely reason, the document that would prove it, and who should provide it, plus a statement of the net difference.
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