Netsuite OneWorld: Cross Subsidiary Bank Transfer

Intercompany Fund Transfer or cross-subsidiary fund transfer is currently not available in NetSuite OneWorld. The following alternate solution will apply. Here’s an example to illustrate:

We need to transfer 100 SAR from KSA Subsidiary bank account NCB -****110 (SAR) to Dubai Subsidiary bank account Cash Box Dubai Test (AED). To accomplish this, follow the steps provided below:

1. Create Clearing Account
   List > Accounting > Accounts> New
   Type= Other Current Asset
   Name= Clearing Account
   Currency= Null. (It is important to set this to null so that it can be used on transactions with any currency.)
   General rate Type= Current
   Click Save
2. Create a journal entry to transfer 100 SAR from NCB -****110 to Clearing Account.  Navigate to Transactions > Financial > Make Journal Entries.
   Complete the Main field of the journal entry:
   Subsidiary = KSA
   Currency = SAR
   Exchange Rate = 1
3. Complete the journal line items.
   Account————————-Debit——————–Credit
   Clearing Account———–100.00
   NCB -****110———————————————100.00
   
   Click Save.
4. Create a journal entry to transfer100 SAR from Clearing Account to Cash Box Dubai Test. Navigate to Transactions > Financial > Make Journal Entries.
   Complete the Main field of the journal entry:
   Subsidiary = Dubai
   Currency = SAR
   Exchange Rate = default exchange rate or manually enter an exchange rate if needed.
   Complete the journal line items.
   Account———————————Debit——————–Credit
   Cash Box Dubai Test————–100.00
   Clearing Account————————————————100.00
   
   Click Save.
5. Run your Balance Sheet to ensure that Clearing Account is zeroed out.