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Join nowI have a bill that was supposed to be paid out of Company A and instead it was paid out of Company B (which has a separate QB file). I am trying to figure out how to account for this.
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Hello @Saphire605,
You can create a clearing account in your company A and use that account to pay the bill. This will zero out the account in your company A. However, I'd still recommend consulting with your accountant to correctly record this.
Here's how to create a clearing account:
Once done, create a journal entry and use the clearing account. Here's how.
You can read more about the clearing account in this article. You can also visit our page for more helpful related articles. Feel free to check this link: Banking and bank feeds.
Thanks for coming in to Community. Please know that you're always welcome to drop-by anytime soon. Have a great day.
Hi @Saphire605,
Let’s create a bank account for Company B in your Chart of Accounts, then pay the bill using it. I'll show you how.
Here's how to pay bills using the created bank account:
Next, if company B pays back to company A, you need to create a bank transfer.
Also, here's an article you can read to learn more about how you can create an account: Create, Edit, or Delete Account in QuickBooks.
In case you need some related articles in managing your account, you can visit our Reports and Accounting articles for reference.
You can always click the Reply button and leave a comment below if you have any other concerns.
Would it be easier if we used an intercompany account instead?
Hello @Saphire605,
You can create a clearing account in your company A and use that account to pay the bill. This will zero out the account in your company A. However, I'd still recommend consulting with your accountant to correctly record this.
Here's how to create a clearing account:
Once done, create a journal entry and use the clearing account. Here's how.
You can read more about the clearing account in this article. You can also visit our page for more helpful related articles. Feel free to check this link: Banking and bank feeds.
Thanks for coming in to Community. Please know that you're always welcome to drop-by anytime soon. Have a great day.
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