I have a very similar situation. The owner has 2 companies and each has it's own separate company QBs account. Company A is the Amex cardholder. The owner used the Amex to pay for some Company B expenses. For simplicity, the credit card bill total was $1000. Company A total charges was $700 and Company B total charges was $300. Instead of Company B reimburse Company A, Company B made a direct payment of $300 to Amex. And Company A paid its $700 to Amex. How do I record the entries properly in each company's QBs account?
- Do I enter all of the credit card charges including Company B's incurred expenses in Company A account? If so, what is the appropriate account type/name for entering Company B expenses?
- How do I make sure of clearing the balance sheet for each company account?
Thank you in advance for your help.
