Intercompany Credit card Payment
I am a new bookkeeper and I landed a job for this client with 5 businesses--all have qbo accounts. They migrated from Qbo Enterprise to Qbo Online and records were til 2022. I started recording all 2023 transactions from his checking account in Company A. I also did reconciliation til September 2023. Since I have csv's I had no hard time reconciling.
He then told me that his business credit cards (name under ComB) were used to all of his businesses. He then told me what transactions are for ComA. So I did record expenses I saw on ComB credit card to ComA's qbo account. However I did ADD a credit card account and there where I posted all expenses from ComB.
Dilemma No.1: I saw funds to and from Company B and C. I am struggling to treat intercompany transactions . I understand that ComA received funds from ComB and later ComA paid ComB-- I can use Receivable from /Payable To here right? Still having doubts if I will record a journal entry or how to do that. I don't want to mess up here. I am still learning and it breaks my heart thinking my knowledge is not good enough but I am striving to be better and I am admitting that I need help.
I saw opening balances to "Receivable to ComB" and "Payable to ComB" and "Payable to ComC". Since it was migrated, I have no means to click or check how it was recorded or (are opening balances not really accessible since it was a journal entry in Qbo Online?). My question here was:
1. I would like to know how will I close these entries? Their amounts were not to be found in Com1 bank statements.
2. I saw opening balance "Payable to ComB" under Credit card account. Is this correct or I need to rectify?How?
Dillema No.2: I recorded all expenses from ComB to ComA under a new credit card account and renaming it to "Payable to ComB". Question :
1. Should I record the expenses under ComA Checking instead of recording it to the new credit card account ? If yes then I'm doomed. I already recorded it to the new cc and reconciled it. How did I reconcile? I just add all the amounts of expense.
I reconciled ComA checking til Sep and if I will undo the recon,I need to go back to January 2023 😭.
2. Is there anyway that I can correct the recording by putting the expense transaction under ComA checking, zero out the new CC account, and just add (what account to use?)just add a new account to say that ComA have payables to ComB credit card? I am so lost here.
3. Again, I did reconciled ComA checking til Sep2023 and the new credit card I set up to Sep2023, everything is balance but I know they are wrong. How can I reclassify without messing everything up again?
4. There were payments to ComB credit card that were recorded to ComA checking, I initially recorded it as expense. How can I change it as transfer and say that it is indeed a payment to the ComB credit card ?
5. Those payments to ComB credit card is not matching to the amount ComA owes ComB 😅 however payments come in every month, different amounts. I am seeing these payments match under ComB cc payments/credit portion so I assume these are ComA's payments to what ComB paid to it.
I am very much open to receive your advices. However, please provide a step by step guide as I am still learning here. You can call me idiot, I'll accept that but I want to succeed here. Also I am not an accounting graduate so everything is really new to me. Thank you for all your help.