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LLBook
October 21, 2021
Question

Two companies paying for the other's expenses

  • October 21, 2021
  • 1 reply
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We have two companies (QB online) and unfortunately, there are expenses that were paid by one company that should have been paid by the other.  We have both credit card transactions and bank transactions.  What is the process to categorize these transactions so reconciliations are correct?

    1 reply

    asha_kanta_sharma
    asha_kanta_sharma
    October 24, 2021
    Simply create a liability company account and discharge the liability by paying the other company.
    L
    LLBookAuthor
    October 25, 2021

    @asha_kanta_sharma  This seems simple enough indeed, however would you be able to give me a little more explanation as far as meaning?  Can you break this down into processes?

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