has anyone else seen their intercompany eliminatio...
# accountingj
Jon Kears
01/11/2022, 9:28 AMhas anyone else seen their intercompany eliminations in AP and AR ignoring historic revaluations and therefore incorrectly eliminating? I can fix with a manual journal but I don't think I've had to do this before. Seems to be very widespread in our Netsuite instance
Jon Kears
01/11/2022, 9:29 AMthis is an adjustment period, if it makes any difference
Jon Kears
01/11/2022, 9:29 AMAnd it's the closing period for the year
k
KevinJ of Kansas
01/11/2022, 4:01 PMYou aren't supposed to run eliminations in adjustment periods to my recollection
KevinJ of Kansas
01/11/2022, 4:02 PMit breaks the auto reversal process.
j
Jon Kears
01/11/2022, 8:14 PM👍 that makes sense
Jon Kears
01/11/2022, 8:14 PMI wonder why it lets you do it?
k
KevinJ of Kansas
01/11/2022, 8:49 PMI don't know. I had a client do it without checking with me, and had another consultant borderline chew me out for not telling them to avoid doing it.
KevinJ of Kansas
01/11/2022, 8:50 PMI wonder if it wouldn't break if you set your adjustment period to not overlap with the other periods. I.e. set your year to run 1/1-12/30 and the adjustment period to run 12/31
p
Priya-Yosipom
01/21/2022, 1:41 AMI'm in real need of guidance with elimination and consolidation in NS. May I ask if anyone of you have time to connect?
Priya-Yosipom
01/21/2022, 1:52 AMmy question is- when you consol & run elimination as part of month accounting close, should all Elminating sub yield NiL balance? I.e.Fully eliminated?
Would results vary if some subsidiary are foreign base currently.
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