I have 3 accounts in QBO. The general operating account transfers money to the other two accounts. I have matched all transfer transactions in QB - matching the spent account to the received account. Is it necessary for me to create intercompany transactions/ journal entries like due to/due from since I already matched them and it balances to the bank? I'm so lost and need to get this done so I can reconcile the banks in QB. If I need to create intercompany transactions or journal entries in QB, what do I do ? Please help!!!
To create intercompany transactions or journal entries, I'd suggest consulting your accountant about this one. They'll provide you detailed information on how to best handle this one in your account. They'll also guide you on what posting account you need to use when creating a journal entry.