Payments

I appreciate you taking the time to post here in the Community @smorgan01. I'm here to help guide you through the process of correcting the payment and ensuring both of your company ledgers accurately reflect the transaction.

Accidentally paying a vendor from the wrong company’s account is a common issue and can certainly be sorted out with some careful adjustments in your accounting records.

Here’s a step-by-step approach to correct the payment and ensure both company records are accurate:

In your Company 2:

       1. Create a liability account to record the loan from Company 1.

       2. Create a check using the vendor.

       3. Pay the bills and then apply any necessary credits.

       4. Record a deposit from Company 1 to Company 2 by using the liability account created for the loan.

       5. Click Save and Close.

Additionally, you can refer to this article on tracking the loan amount and recording your payments: Manually track loans in QuickBooks Desktop.

Furthermore, it’s advisable to carry out the reconciliation process regularly to ensure that your QBO balance aligns with your actual bank account balance. For a comprehensive guide, please refer to this link: Learn the reconcile workflow in QuickBooks. 

Thank you for your attention to detail. Please feel free to reach out if you have any further questions or need more assistance regarding your POs. We are available 24/7.