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greenandgrounded
October 12, 2023
Question

Two VAT registered Businesses being paid into one bank account

  • October 12, 2023
  • 1 reply
  • 0 views

Hello

 

So we are bricks and mortar business that has two physical sites which are both VAT registered businesses. Due to our card provider we can only get our payments made into one bank account even though each business has it own business bank account. 

 

Questions is:-

The money comes into business 1 and I send the physical money/ payment to business 2 bank account

Linking the bank accounts showing the money coming in and out for both businesses

How do we show the journal amount?

The money going out is showing in my "spent" column on banking - how do I code this ? 

Do we show the payments using a suspense account ?

Thanks 

1 reply

A
Ashleigh1
October 12, 2023

Hello Greenandgrounded, thanks for posting on the Community page, so you could record the payment in one qbo account on the taxes page, and then on the find match option you would then resolve the difference and post to another bank account that you set up  or exclude the payment at the bank and then just record the payment on the taxes page but that means the bank account would not show the same amount in the QBO account and if you had a second QBO account you then record that payment in the taxes section.

 

If you have two vat reg numbers one for each business, you would have to resolve the different and put it to another account you set up and then it would have to be zeroed out by an accountant or an expense for taxes paid.

 

so if you set up an expense account in the coa (chart of accounts) for the other company for taxes paid or a liability account with the other company name on it so then you would record a journal to zero out or a transfer to the other business or summit but you are better of speaking to an accountant as the second business just need to record the payment.

 

so we would advise that you speak to a trained and qualified accountant about all of this, they would be able to help and guide you through what you need to do exactly, as we are just technical support here.

 

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