Hi there. Thank you for providing detailed information about your concern. I'm happy to assist in ensuring that the correct transactions are posted to the appropriate company.
For company A, you can create a Journal Entry (JE) to record these transactions without posting them as income and expense in your Profit & Loss report. Then, reimburse it using expense or cheque.
Here's how:
- Go to the + New menu in your QuickBooks Online (QBO) account.
- Click Journal entry.
- From the first line, select an account from the Account field.
- On the next line, select the other account you're moving money to or from and enter the same amount in the opposite column.
- Ensure you have the same amount in the Credit and the Debit column to balance the account.
- Enter the necessary details.
- Click Save or Save and new.
Once done, you can record the reimbursement as a cheque or expense. For more details, proceed to step 2 in this article: Pay for business expenses with personal funds.
For Company B, create another journal entry to pay off the bill. You can begin by crediting from the Accounts Payable account and debiting from a Bank. After that, create Pay bills to link it to your newly created journal entry. Doing this will reduce your total payables. Let me show you how to do it:
- Click the + New button.
- Select Pay bills.
- Choose the bill you need to link to your journal entry.
- Click Save and close.
For more detailed instructions, click this link: Enter and manage bills and bill payments in QuickBooks Online.
After sharing the steps, I recommend collaborating with your accountant. This ensures you use the correct accounts and avoid any potential errors in your bookkeeping.
Additionally, I'll provide references to help you match your bank transactions and reconcile your accounts with your bank statements and QuickBooks:
Please feel free to reach out if you have any questions or need further clarification about the process. I'll be happy to assist you. Have a great day ahead.
