Intercompany Bank Account Transactions

(0) Share

Report

Posted on by rcboiler

1,152

Trying to use the new intercompany feature for bank account transactions. We have the bank accounts set up in all partner companies and are using the new IC Account Type (bank account). The transaction processes without any issues but the resulting entry in the accepting company does not have the intercompany values (the bank account information has been stripped out). We see the MS instructions on how to set this feature up but are there any instructions on how this features is supposed to work?

Thanks

I have the same question (0)

All responses (1)

Answers (0)

ploo 32 on at

Like (0)

Report

Intercompany Bank Account Transactions

Hi

I also tested this.

Company A (sending), my expected entries:

DR Intercompany Payables (reducing the amount to be paid out to Company B)

CR Bank

Company B (receiving), my expected entries:

DR Bank

CR Intercompany Receivables (reducing the expected receivables from Company A)

In the journal line,

Account Type = IC Partner

Account Number = Company B

Amount is positive

Bal. Account Type = Bank Account

Bal. Account No. = Bank code

IC Account Type = Bank Account

IC Account No = Intercompany bank account defined for the Intercompany Partner (Company B)

The posted journal entries:

DR Intercompany Receivables (account defined under Sales for Intercompany Company B)

CR Bank (company A)

The intercompany journal created in Company B:

DR Bank (company B)

CR Intercompany Payables (account defined under Purchases for Intercompany Company A)

While the bank account balance for Company B is increased with the transfer of funds from Company A (bank account balance decreased), it is strange that Company B's Intercompany Payables (credit) balance is increased by this intercompany bank transfer.

The intercompany setup is correct as I tested with an Intercompany Sales Order (company A) which created a Purchase Order in company B - with the correct payables account.

Was this reply helpful? Yes No