I have three entities operating differently (say entity A, B and C). Each entity has its own Quickbooks account.
My challenge is as follows:
Entity 'A' settles most of the bills for 'B' and 'C' through its bank account. We post such payments to Loan Accounts for 'B' and 'C'. The problem is in B and C, the bills remain outstanding (reflect as unpaid).
Which transaction can be done in Entity B and C to record Loan from A and at the same time clear/settle the supplier bills (already paid by A)
Before your response l tried posting a Journal entry to clear the bill and adjust the loan account and it seems to work. Not sure if anything else is affected but the Accounts payable balance is correct, the Supplier bill is paid and the loan account is credited with the same amount.
May you have a look at the Journal on the attached image: