Transfer entry

Suppose Party "X" is belongs to your company "A" and now you want to transfer this party to your company "B"

Entry would be in Books of "A" :

Company "B" (Under Branch Group)...................... Dr.

Party "X" .................... Cr.

Entry would be in Books of "B" :

Party "X" .................... Dr.

Company "A" (Under Branch Group)...................... Cr.

Note : Both Entry will be entered in both books on same day with same amount.

No, You should entered in both books.