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Is it best practice to create separate intercompany AR and intercompany AP accounts per entity such as I/C AR - Sub A, I/C AR - Sub B, etc. so that they we already know to whom or from whom we owe money right on the BS? Or is it better to create just one and use custom reports/saved searches/workbooks to break them down?

My controller insisted on creating separate ones

He was adamant that you would want them separate to make reconciliation easier because it would be too hard to sort out one account 

only two IC accounts - IC AR and IC AP - are required for any number of subs.  It allows companies to do auto-balancing.  Some controllers just cannot let controls go….

Reconciliation is done systematically when IC customers and vendors are used (see Subsidiary setting, etc).  Set up is not complicated but correct subsidiary structure i(with proper elims) s a must