how to apply a business payment to invoices to subsidiaries with different business names

I have invoiced Bob, Inc. for say $10 and invoiced Joe, Inc. for say $20. Mary, Inc. sent me a payment of $30 to cover both invoices. Mary's company is the parent company of Bob and the parent company of Joe. They do not share the same business name. So, how do I apply the payment in each invoice? If I apply it to one, how can I apply it to the other when they do not share the same name? Thanks.
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Best Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    The easy way is to simply record the appropriate amount  of money to both Bob and Joe and  put in a note that the money actually came from Mary.
    AND,  if you are, as is proper, directing these payments into an intermediate account (I call mine "Undeposited Checks") and then making a transfer of multiple checks into your bank account all at once, then your bank records will still be accurate.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    IF these payments are the only ones in the bank deposit, then you could record the bank deposit as coming from Mary,  and use splits within that deposit to show what came for Bob (via transfer from the intermediate account) and what came for Joe (in the same manner).
    The net result would that the Intermediate account would be zeroed out.
    IF, after you've made the deposit, investigate if the Intermediate account ISN'T $0
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    The easy way is to simply record the appropriate amount  of money to both Bob and Joe and  put in a note that the money actually came from Mary.
    AND,  if you are, as is proper, directing these payments into an intermediate account (I call mine "Undeposited Checks") and then making a transfer of multiple checks into your bank account all at once, then your bank records will still be accurate.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    IF these payments are the only ones in the bank deposit, then you could record the bank deposit as coming from Mary,  and use splits within that deposit to show what came for Bob (via transfer from the intermediate account) and what came for Joe (in the same manner).
    The net result would that the Intermediate account would be zeroed out.
    IF, after you've made the deposit, investigate if the Intermediate account ISN'T $0
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP