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We have 18 companies, so running a check run for each company is time consuming. I am looking into merging each company's general ledgers into one company. My concern is how to differentiate the check runs for each company's books. The last 2 digits of our GL accounts represent the company. Any ideas on how to accomplish running check runs based on the GL code? xxx-xxxx-xx
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We have multiple companies also. We designate one company as the primary accounts payable servicer. It pays vendors for multiple companies and distributes the expense through GP Intercompany settings. The servicer company recovers its cash paid out for other companies through Due To and Due From general ledger entries.
We also see advantages in limiting the amount of tax reporting for 1099 forms since only the primary servicing company needs to report.
A Ban Rec is per Checkbook ID (and GL account) and typically you'd have a separate checkbook ID per bank account so I don't see any issue with this. This is assuming you don't have the same bank account across multiple databases (which sounds like a nightmare).
MEM would offer additional features to help with this where you can assign certain checkbooks to certain entities so that way you couldn't accidentally do a transaction for entity A with entity B's checkbook.
I'd highly recommend setting up a demo with Binary Stream to see MEM in action. It sounds like it would be a good fit for you.
My employee brought up the fact that we do bank reconciliations in each company. Can either tool you suggested also help us still reconcile each company bank rec separately?
I can think of a couple of options. One would be to use Binary Stream's Multi Entity Management which allows you to assign transactions to an entity and then do check run's per entity (as well as pay on behalf of other entities).
Another option is Willoware has a set of tools called GP Powerpack and within that set of tools is one tool called Select Check Filters which would allow you to set up filters for selecting checks based on GL codes and segments (among many other filtering options).
I've used both in the past and both work well. MEM has alot of other nice functionality for keeping multiple companies within one database (i.e. automatic due to/from, separate 1099 printing per entity, security by entity, etc)
Here's a link to Binary Stream MEM: binarystream.com/.../multi-entity-management
Here's a link to Willoware's GP Powerpack: willoware.com/.../gp-powerpack
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Almas Mahfooz
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