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LLBook
Oct 21, 2021 3:01 PM UTC
Question

Two companies paying for the other's expenses

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?

    2 replies

    asha_kanta_sharma
    asha_kanta_sharma
    Oct 24, 2021 8:52 AM UTC
    Simply create a liability company account and discharge the liability by paying the other company.
    LLBookAuthor
    Oct 25, 2021 7:21 PM UTC

    @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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