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Skellytonne
Level 3

How do I record reimbursement of Advertising Expense made by sister company?

Good day everyone, 

 

I have been doing advertising for 2 sister companies, but I pay them thru separate credit cards for the purpose of accounting. I only found out a month later that I have been paying ads for both companies under 1 credit card.

 

Now, the sister company reimbursed me the amount of money they spend on advertisements. For context, this sister company is also our supplier so we have them under Suppliers. I already recorded the advertising expenses under the Expenses account, I just need to know the procedure for reimbursement Thank you!

Solved
Best answer July 14, 2021

Best Answers
Angelyn_T
QuickBooks Team

How do I record reimbursement of Advertising Expense made by sister company?

Hi there, Skelly. 

 

You can record the supplier's reimbursement as a deposit. I'm here to guide you on how.

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Go to the +New icon, then click on Bank deposit under Other.
  3. Select the account where you want to deposit the funds from the Account drop-down.
  4. Set the deposit date.
  5. From the Add funds to this deposit section, choose the supplier's name under Received From.
  6. Choose the expense account you use for tracking the advertisements under Account.
  7. Input the amount, then save the transaction.

 

You can also use this article for more hints about recording bank deposits in QBO: Record and make bank deposits in QuickBooks Online.

 

Aside from that, you can get more insights about other QuickBooks transactions through this link: Related resources for QuickBooks Online.

 

Please feel free to get in touch with me here for any additional questions about recording the supplier's reimbursement. I always have your back. Keep safe!

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1 Comment 1
Angelyn_T
QuickBooks Team

How do I record reimbursement of Advertising Expense made by sister company?

Hi there, Skelly. 

 

You can record the supplier's reimbursement as a deposit. I'm here to guide you on how.

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Go to the +New icon, then click on Bank deposit under Other.
  3. Select the account where you want to deposit the funds from the Account drop-down.
  4. Set the deposit date.
  5. From the Add funds to this deposit section, choose the supplier's name under Received From.
  6. Choose the expense account you use for tracking the advertisements under Account.
  7. Input the amount, then save the transaction.

 

You can also use this article for more hints about recording bank deposits in QBO: Record and make bank deposits in QuickBooks Online.

 

Aside from that, you can get more insights about other QuickBooks transactions through this link: Related resources for QuickBooks Online.

 

Please feel free to get in touch with me here for any additional questions about recording the supplier's reimbursement. I always have your back. Keep safe!

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