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Excess cash to parent

aprilgirl80 · 2014-01-21 15:17:34

Hi, hoping someone can help me. I have an entity which had a lot of excess cash and it gave it to its parent, however at the time I was being stupid and gave it all to the parent but didn't think of it as a dividend so actually in fact paid too much dividends. I have reversed in my accounts the dividend which would not be…

21-01-2014 3:17pm

#1

aprilgirl80

Closed Accounts Posts: 6 ✭

Join Date: January 2014

Posts: 2

Hi, hoping someone can help me. I have an entity which had a lot of excess cash and it gave it to its parent, however at the time I was being stupid and gave it all to the parent but didn't think of it as a dividend so actually in fact paid too much dividends. I have reversed in my accounts the dividend which would not be allowed, but now have a massive receivable amount owed from the parent to the subsidiary for this excess cash - anyone have any ideas of how to get around this, other than having the parent give the funds back to the subsidiary? And if that is to happen, how on earth am I meant to get the money out at all.....unless I wind up the company?

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#2 21-01-2014 4:25pm

[Deleted User]
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OP from your other threads I think you need to get professional advice.

Can I file the consolidated accounts only with CRO?
Gave too much excess cash to parent

Edit: I just realised you are the accountant - I would set it up as an intercompany loan.

Does the subsidiary owe the parent money for anything else? Intercompany billings or the like?

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#3 22-01-2014 7:28pm

Jim2007

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Deleted User wrote: »

Edit: I just realised you are the accountant....

I'd still stick with the get professional advice route

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