How to record an intercompany transfer in QuickBooks

I am running two companies in my QuickBooks. Let’s say Company A and Company B, I have made a payment recently for a service by using Company’s A credit card but that expenses was recorded in Company B because the services are for Company B. Now the credit card transactions should be entered in Company A but how do I record that payment in Company B? What account I have to debit for the Company B expense.

Thanks in advance

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Greetings!

As you have said that you are running two Companies that means you have registered for two QuickBooks Online subscriptions. Now for Company A, you have to generate a liability account called due from company B in Company A chart of accounts and pay the Company B expense by using that liability account This is your expense, Now for Company B – you have to enter a payment to Company A for the expenses paid and you can use the company expense account for the payment. It’s very simple

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Answered on April 26, 2019.
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