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  #1  
Old 04-03-2017, 11:01 AM
drmdreams drmdreams is offline
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Intercompany Receipts

Hi. First time posting. We receive customer payments for our partner company. We have set up the intercompany account, but should I be posting the receipts as JE's instead of receipts? If receipts, as deposits or transfers (QBE sets up the receipts as transfers automatically when posted to the check register). Thanks!
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Old 04-03-2017, 04:34 PM
Lorin Browning Lorin Browning is offline
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Perhaps a little more information may be useful.

Let's suppose your company is company A.
Let's suppose your "partner company" is company B.

Before an answer can be given to your questions, we need to know about what relationships exist between A and B. But that requires knowing about the status of A and B individually.

What is the legal status of A? Is it a corporation? Is it a sole proprietorship?

What is the legal status of B? (same questions as above)

Is there a common ownership for A and B?

Are A and B two companies with differing ownership which have entered into a legal agreement to do business as partnership C.

Are A and B both divisions of a parent company, likes Chevrolet and Cadillac are divisions of General Motors?

Do they share the same chart of accounts? That is not asking if their charts of accounts are identical. It is trying to determine if they both post to the same general ledger.
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Old 04-04-2017, 04:31 AM
Rustler Rustler is offline
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I'd add some questions to Lorin's

Are you depending on banking downloads to make your entries for you?

How do you know that a payment received belongs to the partner company?

This sounds almost like the second company is using your merchant processing account to accept CC payments - is that the case?
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