Hi All, does anyone has example of Intercompany Transaction with its associated Intercompany Journal? We normally manage this in Excel and we don’t know which account we should use in NS in order for the consolidation report to work.

The accounts are dependent on the transaction type and business rules. Have you set up the Intercompany Vendors/Customers?

Hi Sean, yes we did. So, we’re using Cost Plus model. We will transfer money to UK Sub as Investment, and we don’t know what account should we recorded in UK Sub.

You would create transactions using the Intercompany Customer/Vendor records. You'd also need to ensure the accounts which those transactions are using, are set to eliminate intercompany transactions. The elimination happens when you close the period. (As part of the close checklist, you have to run the elimination step to create the elimination entries.)

Chiming in. The accounts and the transactions used will depend on the type of transactions you're talking about. If you're doing actual buying and selling between the subsidiaries then yes, use interco sales orders/purchase orders. Therefore, you'll set up interco AR and interco AP accounts. But if you're just moving cash, using interco SO/PO's are overkill. Use the advanced interco journal transaction instead. And then create either an other current asset account or an other current liability account that will hold the due to/due from. But use an interco AR and interco AP account (while still using adv interco journals) if you must have things show up on an AR/AP aging report.

this autobalancing feature for the Intercompany JEs is great for non-accountants. Set those intercompany AR and AP and use auto-balancing, and all your intercompany trouble will go away :)

@Anthony Dixon just in reply to your message above, do you still need to have supplier/client set up to represent the sub/parent (ie within the Name col of the AICJ)? Seems over kill when there is a field called "due to/from" within the journal. We are using this for parent investment in subs

I agree. If you're not using actual AR/AP accounts and don't need these showing up in an AR/AP aging report, then no, there's no need to have a vendor(supplier)/client set up to represent these subs. The actual line subsidiary selection will let you know who it's for.