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Simple way to handle a Payment on behalf of another Company? Company B pays a Bill for Company A. I don't want complex manual Journal Entries, DUE TO accounts, etc.

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I have two Companies: Company A and Company B.  Company A has more expenses than they can typically afford so Company B will be picking up the tab for a while.

I want an easy way to make this happen without needing to reconcile inter-company transactions, enter Bills or Payments twice, etc.  

I may decide to pay back Company B via an investment in Capital, I may decide to send Cash, or I may purchase Services from them in lieu of receiving payment.  

I want a receivable in Company A's books showing me the cumulative amount that is owed. I want a payable in Company B's books to show me the cumulative amount that is owed. When I run consolidated financials, these should be eliminated. 

How?

I want to do this in three SIMPLE steps:

  1. Record the Vendor Bill in Company B.

  2. Record  the check cut from Company A.

  3. Record the closing of the Bill in Company B.

Caveats:

  • I don't know in advance which Bills will be paid from A and which from B - so I can't enter them differently.

  • I don't want to fund Company B.  I don't want to affect my cash balance in Company A until I decide which Bills to pay.


At the end of this process:

Company A books:

  • the Vendor isn't owed any money.

  • AP aging shows no Vendor liability

  • a liability (Inter-Company Payable) is owed TO Company B.

  • AP Aging shows Company B liability

Company B books:

  • an asset (Inter-Company Receivable) is owed FROM Company A.

  • AR Aging shows the Company A asset

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