Thank you for the video. It helped a lot. But I have a question. After the journal entry from company B, can I apply this journal entry to open insurance bill in company B's QB? I am currently in the same situation as the video but there is an insurance bill open in company B. Company A paid company B's May insurance and the bill in the company B's QB is open.
Hi! Great question! Thank you for pointing it out. If there is an open bill in Company B, then instead of debiting Insurance expense in JE in Company B, you would debit Accounts Payable and enter vendor name in "Name" field. Once JE has been saved, you will go to the bill that was open in company B (and was paid by Company A), click on mark as paid, offset the bill with JE you just recorded. This will create a Zero transaction and will mark the bill paid in Company B. Hope this answers your question :)
@@placcountingsolutions Great! Thank you so much. I just tried it. So I see the bill is closed with JE but it also generated bill payment(Check) with $0. Is it okay to just leave it? I'm wondering if I did something wrong..
Thank you for the video. It helped a lot. But I have a question. After the journal entry from company B, can I apply this journal entry to open insurance bill in company B's QB? I am currently in the same situation as the video but there is an insurance bill open in company B. Company A paid company B's May insurance and the bill in the company B's QB is open.
Hi! Great question! Thank you for pointing it out. If there is an open bill in Company B, then instead of debiting Insurance expense in JE in Company B, you would debit Accounts Payable and enter vendor name in "Name" field. Once JE has been saved, you will go to the bill that was open in company B (and was paid by Company A), click on mark as paid, offset the bill with JE you just recorded. This will create a Zero transaction and will mark the bill paid in Company B. Hope this answers your question :)
@@placcountingsolutions Great! Thank you so much. I just tried it. So I see the bill is closed with JE but it also generated bill payment(Check) with $0. Is it okay to just leave it? I'm wondering if I did something wrong..
Very welcome :) yes please leave the zero txn as that’s the txn connecting bill and JE. Also do subscribe if you haven’t already! Thank you
@@placcountingsolutions Will do. Thank you so much!! :)
Happy accounting 😊