I'm using QBPRO2005. Let's say I own COMPANY A. I'm funding a COMPANY B. I consider it as a loan, not an investment; of course, if you know a better idea, let me know.
Meanwhile, COMPANY A buys office supplies/equipment for COMPANY B. In QB I enter the bills as usual for COMPANY A, but I skip the "pay bills" option, instead I "write a check/cheque" on behalf of COMPANY B. Now, under "expense tab" of the check form, I use 1200--ACCOUNTS RECEIVABLE.
Through custom reporting I am able to create a report showing all transactions I have made on behalf of COMPANY B.
However, when I look under "PAY BILLS" my "ENTERED BILLS" are still open and unpaid.
Question here is that am I using the correct expense account? Is this an investment or a loan; in other words, what's best for me as COMPANY A? What's the best most efficient way to go about these types of purchases for COMPANY B?
These would be much simplier if I have made COMPANY B as the customer, I buy from a vendor, then issue an invoice for each transaction equal to the purchase, I think. Correct, no?
No, I do not maintain COMPANY B's QB account. No, I'm not an accountant or anything close to that job description. So, explain in plain English, please?
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