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Is there a way to clear intercompany balances without actually making a payment?
Thanks,
Ellen
Ellen,
When you say clear the Intercompany Balances are we talking in the Subsidiary Company or Consolidation Company? If Consolidation Company the eliminating entries will clear the balances out. If the Subsidiary Companies then you are producing an entry, Intercompany General Journal, eliminating the entry and offsetting the entry to the sister company the amount belongs too. So the entry might look like this:
This entry will be sent to the Sister Company and book against the Company creating the entries Intercompany GL Account.
Hope this helps.
Thanks,
Steve
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