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brittanyh
September 3, 2020
Question

Vendor paid wrong company

  • September 3, 2020
  • 1 reply
  • 0 views

We have 2 separate companies, Company A and Company B, both beverage companies. A vendor of ours normally orders from Company A but they wanted to place an order with Company B. I invoiced this vendor through Company B's books but the vendor wrote a cheque to Company A. Company A normally manufactures and distributes Company B products so they're somewhat related. Both companies have the same owners but different books and bank accounts.

 

What's the best way to deal with this situation? Can I deposit this cheque into Company A's bank account and transfer it to Company B so they receive funds for their outstanding A/R. 

 

Thank you

 

1 reply

PatriciaT
PatriciaT
September 4, 2020

Hi brittanyhahn,

 

Thanks for providing this information on your account. Having your transactions properly recorded is key to keep your books accurate. QuickBooks Online is designed with several great features to make it easier for you to run your business. I'll be happy to point you in the right direction with this.

 

There are various ways to record money movement transactions in QuickBooks Online. The approach you choose at the end of the day depends on how you and your accountant prefer to handle your books. However, we also have a good article to assist you in this type of situation. You can check it out here: Transfer funds between companies  

 

Don't hesitate to talk to your accountant to ensure everything is lining up correctly. You can add your accountant as a user in your account by going to the My Accountant menu and use the provided field to complete the invite. Alternatively, you can use the Find a pro to help button to access our accountants' list.

 

I hope that helps! Have a great day. 

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brittanyhAuthor
September 9, 2020

Hi PatriciaT

 

Great, thanks for your help! I talked to my accountant and he said to create intercompany accounts which I did and everything worked out in the end.

 

Have a great day!

PatriciaT
PatriciaT
September 10, 2020

You're welcome brittanyhahn. I'm glad to hear you were able to find a resolution that meets your business needs.

 

Don't hesitate to reach out if you have other questions. I'm always here to help!

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