We manage two properties for two different companies although they have the same owner. The old property managers wired lump sum rents to us for each of the properties, but they switched the bank accounts. Meaning the rents for Building A went into the checking account for Building B, and vice versa.
Now I have $30,000 in Building A's bank account, and $20,000 in Building B's account. These ACH payments should have been flipped, meaning I need to move $10,000 from Building A's account to Building B.
I've never encountered this situation before. Which GL account would I write the check from out of Building A's account, and how would I receive it on Building B's books?
Any clarification would be greatly appreciated!
