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Old 04-20-2016, 11:54 PM
Merlin101 Merlin101 is offline
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Join Date: Mar 2014
Posts: 8
How can I correct a stuff up?

We have 2 QB company files and multiple bank accounts. I recently entered a bill in the main company file, and paid it from the bank account of the other company. I then reimbursed the bank the amount of the bill paid, did a transaction to the pay the account in QB from other expenses in the second company file, and received the payment from the main account also. I'm happy with this side of things.

But, I can't for the life of me work out the journal to received the money and pay the bill. Nothing I've tried has worked!

Can anybody please help me? I need this done ASAP!

Thank you in advance!

Last edited by Merlin101; 04-21-2016 at 12:14 AM.
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Old 05-06-2016, 04:44 PM
Lorin Browning Lorin Browning is offline
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Location: Landrum SC
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Try this scenario: Company A is the purchaser of material as the agent for company B. On A's books, the record would be a credit to the appropriate bank account and a debit to some asset account (such as reimbursements receivable). In other words, the actual items purchased would never show up on the books of company A.

Company B would have two sets of entries:
  • Purchase of the material as an expense entry; recognize as a liability an amount due to A.
  • Credit to an appropriate checking account to reimburse A; debit to liability account.

Company A would have a debit to an appropriate bank account and a credit entry to the reimbursement receivable account.

A terminological distinction: You didn't reimburse the bank. You reimbursed the other company.

I normally don't read the Australian posts because tax laws differ and perhaps accounting principals differ slightly from those of us Yanks. But I couldn't pass up reading about a "stuff up" that needed correcting.
Lorin Browning, Ph. D.
Fellow -- National Tax Practice Institute
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Old 05-08-2016, 07:06 PM
Merlin101 Merlin101 is offline
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Join Date: Mar 2014
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Thank you for your response Lorin. It was very much appreciated! I think I was just overthinking it.
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