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
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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