Payments into wrong company

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  • Updated 3 years ago
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Hi.  I have received a payment for Company B into Company A bank account.  To reconcile, I need to show the deposit into Company A, but then transfer the money into Company B to allocate it to the correct invoice.  What's the best way to do this.  Thanks
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Posted 3 years ago

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Tanya Briggs, Accredited Partner

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Code the deposit in company A into an expense account Contra.  Then company A will pay the amount to company B - code the payment into the Contra account also (aiming for matching deposit and payment with a balance of zero).  In company B the amount can be recorded as a payment from the customer.