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
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
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1,058 Points
Posted 11 months ago
Kevin Russell, Accredited Partner
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52,814 Points
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9,872 Points
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.
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1,058 Points
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.
Kevin Russell, Accredited Partner
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52,794 Points
Happy NY to you too Charles. Jenni I wouldnt waste your hope.
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Jenni
Kevin Russell, Accredited Partner
Jenni
Jenni
Kevin Russell, Accredited Partner