BST - Amounts Paid Using SCIENCE AMEX

BST is owned by SCIENCE. Sometimes SCIENCE pays BST bills and needs to do the appropriate bookkeeping.

1. In the BST Quickbooks - there is a SCIENCE short term account set up as a credit card. Use that "card" to pay bills posted to the correct vendors (VPSDime, etc)
2. In the SCIENCE Quickbooks - post the bills to the individual vendors as normal (VPSDime, etc), but set it to the Intercompany Clearing account
3. At the end of the year, when the annual Cash Back rec is complete, some amount may be allocated to the intercompany clearing account. Post as appropriate.
4. At the end of the year, write an invoice to BST with the item code "BST Intercompany" and the description as appropriate. Use as many line items as needed to break out the charges but can group appropriately. Examples:
   • 2024 VPS Dime hosting less AMEX cash back
   • 2024 Nevada Business license, less AMEX cash back
5. Ensure the Intercompany clearing account is $0 for the year, adjust invoice as needed to make it hit $0.
6. Save invoice to PDF in the BST books backup folder
7. Move over to BST Quickbooks
8. In the BST Quickbooks, enter the invoice as a CC Refund/Credit to Accounts Payable using SCIENCE, LLC-vend as the Customer/Job. Use the invoice # as the reference.
9. Cash back amounts should have a credit entered to the appropriate expense accounts.
10. If both the invoice and the cash back amounts were entered correctly what this will do is zero out the credit card account for the year, but make the amount due in the SCIENCE Vendor.
11. Enter a check for SCIENCE to pay the amount due for the year.
12. Amount can be paid via check or zelle to the SCIENCE account.