Tag: Intercompany

Manage Intercompany Orders

The Manage Intercompany Sales Order page shows intercompany purchase orders that have an intercompany transaction status of Pending or Rejected. Intercompany orders can have the following statuses: Pending: indicates that the intercompany order has not been paired with a corresponding order in another subsidiary. Order pairs are Sales Order/Purchase Order and Vendor Return Authorization/Return Authorization.Note Intercompany orders… Continue reading Manage Intercompany Orders

Intercompany Management Setup

Requirement The task involves analyzing the client’s requirements for an intercompany management system. The client intends to purchase parts from one subsidiary for use by another subsidiary. They require a solution that allows the linking of intercompany purchase orders to sales orders and facilitates the flow between subsidiaries. The objective of this task is to… Continue reading Intercompany Management Setup

Automated Intercompany Management feature is greyed-out

Scenario: ·        Navigate to Setup > Company >Enable Features > Accounting tab ·        AutomatedIntercompany Management feature is greyed-out Solution: ·        Make sure that: 1.   There is an Elimination Subsidiary under the Setup > Company > Subsidiaries > Root Parent Subsidiary 2.   Elimination subsidiary should have the same Currency with the Root Parent

You cannot change the GL impact for intercompany inventory transfer lines

Updating an Intercompany sales order which is paired with an intercompany purchase order will throw the following error:You cannot change the GL impact for intercompany inventory transfer lines As of NetSuite standards, we couldn’t make a GL-impact change on the Intercompany Sales Order that was created from an Intercompany Purchase Order. Any modification made to… Continue reading You cannot change the GL impact for intercompany inventory transfer lines

Why 2 Intercompany elimination journal entries created for a single bill or Invoice

Scenario: The User gets 2 elimination journal entries for the same invoice or bill while running the intercompany elimination. Answer: In NetSuite, intercompany eliminations are typically performed in two stages: Intercompany matching, which matches intercompany transactions between subsidiaries. Intercompany elimination, which eliminates the matched intercompany transactions to avoid double-counting in consolidated financial statements. During the… Continue reading Why 2 Intercompany elimination journal entries created for a single bill or Invoice

Key Points for Running Intercompany Elimination

• You can run intercompany elimination only from the Period Close Checklist.• You can run intercompany elimination for all accounting books, the primaryaccounting book, and any secondary accounting book.• You can run intercompany elimination multiple times for a period.• You can drill down from elimination results to view the elimination journal entries’details.• You must have… Continue reading Key Points for Running Intercompany Elimination

Intercompany Elimination Reports

Elimination Reports The following reports for intercompany elimination are available: Intercompany Reconciliation Report Intercompany Elimination Report Intercompany Reconciliation Report Intercompany Reconciliation report is used to identify unmatched or incorrectly matched intercompany transactions. This includes intercompany transactions that have not been paired with a corresponding transaction in another subsidiary, and paired transactions that have different amounts… Continue reading Intercompany Elimination Reports

An Intercompany Journal Entry to transfer Expenses from one Subsidiary to another Subsidiary

Intercompany allocation schedules transfer a balance from one source subsidiary account to multiple destination subsidiaries for costs that are shared between subsidiaries. Below are the steps to successfully transfer expenses from one Subsidiary to another: Navigate to Lists > Accounting > Accounts > New  Create new Intercompany Accounts Receivable Name: Intercompany Accounts Receivable Type: Other Current Asset Eliminate Intercompany Transactions: T Subsidiaries: parent company (include children) Include… Continue reading An Intercompany Journal Entry to transfer Expenses from one Subsidiary to another Subsidiary