How do I record mortgage payments due

It's wonderful to see you again, Diane18. I hope your week is off to a good start and I'm happy to go over this with you.

I can appreciate how this sort of thing may seem complicated. Even I thought on it a bit to make sure that I get the appropriate response for you. What it's going to come down to is how you're managing Company #1 and Company #2. For instance, if they're two separate company files, then it's a pretty easy process.

If Company #1 and Company #2 have separate company files, it's a simple matter of recording Company #2 as a customer in Company #1's company file, then in Company #2's file, you'd enter Company #1 as a vendor. It would mean entering invoices and bills as needed in each file. When Company #2 doesn't have the funds to pay Company #1, the invoice would simply remain open and go into an overdue state if it's past the payment date. Likewise the bill transaction would sit open in Company #2's file.

In the event that both companies are recorded in the same company file, I recommend roping in an accountant to work out how to properly record it. To find an accountant that knows how QuickBooks Desktop works, visit our Find a ProAdvisor page and use your postal code to search for one in your area.

I'm here if you need clarification!