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I just found out,,,,,every time I am going deeper.....things come up
Company A have the sale and the payable, when credit are applied they are under due to From (other assets) and due to (other current liabilities)
Company B received the payment under due from (current liabilities) and pay vendor under due from (other assets).
The intercompany feature is not set up, so transaction have been entered manually.
I am not familiar with intercomany transaction any help will be very helpful.
Thank you
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Well I have an interesting scenario as it relates to INTERCOMPANY TRANSACTIONS...
When attempting to assign the Intercompany Alternate Account Destination Account, I am getting the following error:
A save operation on table 'NIC_IC_Alternate_Accounts_LINE (45)
Might anyone have a clue on the resolution for this issue?
We don't IC feature, it is entered manually, my question is if Company A have due to set up as other Asset for A/R, and company B receive the payment need to be recorder as Due to ( Other assets), I found out that one year transaction in under other liabilities, and payment from vendor under other assets,...... the account setup is not the same as the company A.
For Example a bill comes in from a Vendor - the vendor bills Co A 1000.00; they want their 1000.00.
Co A needs to split the bill to several companies:
Co A will pay the vendor the 1000.00, but will split it to Co A, B & C:
If you have the IC setup this is how it goes:
Enter the A/P transaction in Co A, select the IC box on the Transaction Entry window ( we have it at the top)
Enter the key information - Vendor, date, Invoice, full amount - 1000.00
On the Distribution Tab:
The Default is the current Company
Change the amount to 500.00
Next line pick the Co ID box, hit the spy glass for the available IC IDs - pick Co B - enter the Account No. you want to use for Co B (not the IC account number) - enter 250.00
Next line do the same thing - 250.00 as the amount.
Your A/P trans is in balance in Co A and your pay the vendor from Co A.
The system will generate the IC transactions:
Co A
Dr the IC account in Co A each of the 250.00 entries, Dr the Co A account for 500.00 and Cr the A/P account for 1000.00
Co B
Dr the account selected in the original transaction; Cr the IC account
Co C
Dr the account selected in the original transaction; Cr the IC account
I try to keep the IC accounts the same in my companies. I have 7. This eliminates the need to manually post transactions, if there are a lot and someone drops the ball, it's a lot of work to figure out.
If they have only a minimal number then do it manually. or swap the cash.
Hello,
So account receivables in company A, it has to be recorded as Other Liability (due to/from) in company B
Account Payable in Company A, it has to be recorded as (Due to/from) Other Assets in company B.
I am getting this right. ????
This company don't want to use the intercompany feature,
Thank you
It is actually a simple process.
Go to Administration > Setup > Intercompany
The window will open
Select the Originating Co ID
In the box on the left select the Destination Co ID
Enter the Originating Co Due To Acct Number
Enter the Originating Co Due From Acct Number
Do the same with the Destination Co.
Couple of tips:
I set up the base account to be the same in both companies - so when we consolidate the accounts eliminate
I set up the account numbers before I do the above process
I set up the reverse scenario so:
Co A is Originating Co - Co B is Destination
Then Co B is Originating Co - Co A is Destination
Then in the Transaction Screen check the Interco Box:
Enter the transaction; when you get to the amount that will be IC select the Co ID put in that company's account number. Post the transaction. The system will generate the transaction in Co A and create an IC transaction in Co B, you'll have to post that transaction in Co B. The Interco Dr/Cr accounts are updated.
Hello Pat,
I also not familier with intercompany transaction. I hope the below GP help file description will help you.
Use the Intercompany Setup window to set up intercompany relationships. Setting up an intercompany relationship means specifying the companies that can have intercompany transaction interaction and assigning the due to/due from accounts in these companies.
Due to/due from accounts represent the General Ledger accounts used by Microsoft Dynamics GP that track the amounts to be paid or to be collected between companies. For example, Company A owes Company B $100.00. On the posting journal, Company A has a Due To account showing this liability and Company B has a Due From account showing this amount as receivable.
Setting up intercompany relationships
Use the Intercompany Setup window to define relationships between companies that can have intercompany transaction interaction. Setting up an intercompany relationship enables you to record transactions in General Ledger or Payables Management for the originating company that will create transactions in the General Ledger for the destination company.
If you’re not using Multicurrency Management, originating and destination companies must have the same functional currency.
To set up an intercompany relationship:
You can also print the Intercompany Setup List in the General System Reports window by choosing Reports >> System >> General >> select Intercompany Setup from the Reports drop down list. All intercompany relationships established for the selected range of companies will print on the Intercompany Setup List when you print the report from this window.
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