Hello, is it possible to transfer bank funds between subsidiaries

AI generated answer (using internal Slack threads):

Yes, it is possible to transfer bank funds between subsidiaries in NetSuite OneWorld. The process involves creating an Advanced Intercompany Journal Entry (ICJE). Here's a simplified example of how the entries might look:

SUBSIDIARY	ACCOUNT	DEBIT	CREDIT
Subsidiary 1	Sub 1's Intercompany Liability Account (to other sub)	2000	
Subsidiary 2	Sub 2's Intercompany Liability Account (to other sub)		2000
Subsidiary 2	Sub 2's Bank	2000	
Subsidiary 1	Sub 1's Bank			2000
Elimination Subsidiary	Sub 1's Intercompany Liability Account (to other sub)		2000
Elimination Subsidiary	Sub 2's Intercompany Liability Account (to other sub)	2000

In this example, Subsidiary 1 is transferring 2000 to Subsidiary 2. The intercompany liability accounts are used to record the transfer between the subsidiaries, and the bank accounts are used to record the change in each subsidiary's bank balance. The elimination entries are used to remove the intercompany transactions in the consolidation process. If you're dealing with foreign currencies, you can use an intercompany clearing account with elimination settings. Make sure to run elimination on the close checklist each month end. Please note that each subsidiary must have its own bank accounts. If you're transferring money between subsidiaries, you'll need to do intercompany entries. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******