Is there a way to journal a payment to another company?

Jenni_9781955
Jenni_9781955 Member Posts: 29
edited January 2020 in Accounts Hosted
Hi Guys,

My boss accidentally paid an invoice with the wrong company account. He paid it with company "A's" account when it should have been "B's" account. Both Companies are on Accounts Hosted. Can I just transfer the payment across to company B? If so how do I go about doing it? Thank you 

Comments

  • Jenni_9781955
    Jenni_9781955 Member Posts: 29
    edited January 2019
    Because the boss doesn't want it set up like that.
  • Jenni_9781955
    Jenni_9781955 Member Posts: 29
    edited January 2019
    Really, do you have to be like this? I want help not to be left feeling like I'm stupid. I am new to reckon and am still trying to find my way around the program. I've had no training, just been thrown in the deep end and told to swim. I'm doing the best I can. Sorry I don't know as much as you!
  • Jenni_9781955
    Jenni_9781955 Member Posts: 29
    edited January 2019
    Is there anyone else on here that can try and help me and not belittle me? Thank you
  • Charley
    Charley Member Posts: 541 ✭✭✭
    edited January 2020

    Jenni at the end of the day Company B should physically pay back/reimburse Company A for the expense.


    Then in Company A there is then an outgoing journal for the full amount (with no GST) into say Sundry Expense, then when Company B pays Company A back the incoming journal also goes to Sundry Expense and then it's all zeroed out.


    Company B then records the payment to Company A as a payment to the Supplier with the normal GST etc


    Effectively you have 2 separate entities whose accounts should be kept separate so I find this the most accurate way of doing things.


    Don't worry too much about Kevin, he can be a grumpy old curmudgeon sometimes but he does know what he's talking about most of the time.
  • Jenni_9781955
    Jenni_9781955 Member Posts: 29
    edited January 2019
    Thank you very much Charles appreciate the help. I understand what you are saying. I can manage from here now. Again, thanks. I hope Kevin has a better day tomorrow.