How do I allocate a Journal entry to a Supplier?

Posted By Claire Claire over 2 years ago

Good afternoon,

We have quite a few companies and have a slight issue. So invoice has arrived for Company 1 and posted in Company 1 but we pay the invoice via company 2. We have managed to post to the bank account on company 2 and done the appropriate Loan but how do we clear the invoice on company 1 without going through the bank account. I have tired to do a journal entry but you cannot add it to a specific supplier? Any help would be greatly appreciated.

Regards

Claire

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0 Anita Harper over 2 years ago

I've had a similar issue before where it was a regular thing, so I set up a dummy bank account in both companies. Use the dummy account to "pay" off the supplier in Company 1, then in company 2, make a transfer from the real bank account to the dummy bank account when you make the payment. The balance on the dummy accounts in each should agree and they represent the intercompany loan.
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0 Anita Harper over 2 years ago

I've had a similar issue before where it was a regular thing, so I set up a dummy bank account in both companies. Use the dummy account to "pay" off the supplier in Company 1, then in company 2, make a transfer from the real bank account to the dummy bank account when you make the payment. The balance on the dummy accounts in each should agree and they represent the intercompany loan.
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0 Claire Claire over 2 years ago in reply to Anita Harper

Thank you Anita, we will give this ago.
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How do I allocate a Journal entry to a Supplier?

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