Forum Discussion

rachael79's avatar
rachael79
Member
3 years ago

processing refund that came into wrong company account

Hi,   I understand how to process bills paid in a company A for another company B, in company B we do it as a spend money but from a loan account for company A. But we have a refund in company A th...
LRBooks61's avatar
LRBooks61
Ultimate Cover User
3 years ago

Just do what you normally do but in reverse 

Receive money against the loan

 

So in company A you receive money ( the refund) and allocate to the loan for Company B ( reduces the loan)

 

In Company B receive money to the loan account and allocate it to the gl  account for the refund

 

Hope this helps

 

Lisa

LRBooks61's avatar
LRBooks61
Ultimate Cover User
3 years ago

If you can't post to the loan account do a journal entry

DR Loan acc

CR expense account

Lisa

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