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Intercompany Transactions in General Journals

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Posted on by Mike0hp

Hi,

Screen-Shot-2020_2D00_12_2D00_29-at-10.36.23.png

Can I setup intercompany general journal directly in "Finance--> General Journals" like above image? When I record journal entry under batch name INTERCOMP that I setup, I could not choose IC partner in the "Bal. Account Type", and wasn't able to designate IC Partner's balance account for this transaction, see below image for the error message. Can someone help me figure out why this shows up and where I did wrong?

The entry that I wanted to input is as following:

Company1: Headquarter, Company2: Subsidiary of Company1

Company1 paid 500 dollars on behalf of Company2.

Company1: Debit - AR-related party, Credit - Cash

Company2: Debit - Expense, Credit AP-related party

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CarmenNunes on at

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RE: Intercompany Transactions in General Journals

Hello Mike,

Hope you are well.

You can't use Financial General Journals to post Intercompany entries.

You have to create a new General Journal Template with Type = Intercompany

then create a Batch Journal template for the General Journal template Intercompany

ended Journals Templates setup you are in condition to start using this new Intercompany Journal.

Search for Intercompany Journals

.

and you can start entering your intercompany entries.

Hope this help you to move forward.
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Bilal Haider 234 on at

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RE: Intercompany Transactions in General Journals

Hi,

You can use Intercompany General Journal for this purpose. Just search Intercompany General journal and try posting in it.
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Community Member on at

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RE: Intercompany Transactions in General Journals

Mike,

This is not possible. General Journals all point back to the General Journal Templates. These are defined by Type (see pic below). The Type is where you select General or Intercompany (there are others) and this choice is how BC defines whether you can utilize the IC Partner. Only Intercompany can use this Account Type option.

I am not sure how complex your Intercompany is or how many entities you have, but if its complex you might consider a APP Source addon called Multi-Entity Management, from Binary Streams : https://www.binarystream.com/products/D365BC-MEM/

Thanks,

Steve

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