The company I work for has a sister company and we have just received both VAT returns.
My question is: can I pay the VAT return for the sister company from my company's bank account and what would be the double entry be?
I have posted the VAT for my company (cr bank and dr vat liability) should I cr bank and dr the sister company nominal on the ledger?
My question is: can I pay the VAT return for the sister company from my company's bank account and what would be the double entry be?
I have posted the VAT for my company (cr bank and dr vat liability) should I cr bank and dr the sister company nominal on the ledger?