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• # 100846
• Mon 04 Aug 2014 11:25 PM

Hi everyone,

I'm hoping someone can help as I've tried this 3 different ways so far and none of them seem quite right.

1. I have Customer 1 who has POA of £1490.00 on the customer account in Company X (so a CR in Cust 1 and a DR in Bank 1200).
2. I have an Intercompany Bank Account 1220 in both Company X and Company Z. (both companies are owned by the same people but have different Bank accounts, so I have 2 seperate company accounts in Sage)
3. I have to transfer the money that was put onto account in Company X to Company Z and raise an invoice in Company Z to square it off.

How can I do this in Sage 50 Accounts without making too much of a meal out of it?

I have been looking at this for several hours and really need someone's help please. I think I'm now looking too much into it.

Thank you,

Sarah

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• # 100847
• Tue 05 Aug 2014 07:30 AM

Hi Sarah

Could the use of the inter company accounts just be confusing things? I'm not clear if you are raising an invoice from Company Z to Company X. If you are then I would have thought that it's just a straightforward process of a sales invoice and receipt on one company and purchase invoice and payment on the other.

If the money is owed to Company Z and just paid in Company X in error then it should be transferred and the invoice raised by Company Z.

I don't see a need to use the inter company accounts on sage at all.

Hope that helps, but if I've missed the point let me know!

victoria

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• # 100848
• Tue 05 Aug 2014 07:40 AM

Hi Victoria,

Thank you for the reply.

Basicallly Company Z was being set up when the customer needed to pay the invoice, so it was paid into Company X and I suppose an invoice should have been raised at the time as well.

Now that Company Z is set up, the money needs to be transferred to it (and possibly the invoice). This has already happened in the bank account, just need to reflect that in Sage. Does that make any difference?

I'm not sure if I do need the intercompany accoounts, this is what the accountant told me to do.

Thanks,

Sarah

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• # 100849
• Tue 05 Aug 2014 09:29 AM

Hi Sarah

The company I work for has a similar set up where one is the day to day running (inter co nom 2102)and the other the holding (inter co nom 1102) under which the FA are purchased, though for both companies we only have 1 bank account each 1200

So if the running company requires funds I just do a Bank Reciept using nom 2102 and if the holding requires funds a Bank Payment using nom 2102, and then also do a fund transfer between the 2 physical bank accounts, you are then ready to process the invoice / purchase as normal.

So I would assume with your data you would transfer the money between the inter company bank account and also select the correct inter co nom account.

I hope this has not complicated the matter for you and understood your query correctly.

Lisa

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