![]() Define which Journal name will be used when the transaction is created in the destination company. Select the Debit account (Due from) and Credit account (Due to) for both the originating and destination legal entity. If either company can originate a transaction, you will need to create a second legal entity pair for the reciprocal setup. If a user is active in USSI and enters an intercompany transaction with USMF, the transaction will not post because the intercompany accounting is only defined for USMF being the originator. For example, the intercompany accounting is setup for USMF (originating) and USSI (destination). When entering intercompany transactions, the transaction determines which legal entity is initiating or originating the transaction. When creating a new legal entity pair, ensure that you are aware of which legal entity is defined as the originating company versus the destination company. The Intercompany accounting setup is shared, so the setup is visible from within all legal entities. The Intercompany accounting page is used to create the pairs of legal entities that can transact with each other. ![]() It's a good idea to use a specific journal name for intercompany accounting. Set the Journal type field to Daily on the Journal names page. When you set up the main accounts, you should set the Main account type field to Balance sheet on the Main accounts page. If you're using a trading partner or counterpart dimension to identify the intercompany party, you can define this dimension as a fixed dimension on the main account that is defined in Intercompany accounting. It's a good idea to use unique main accounts for each company, to simplify the reconciliation and elimination of intercompany accounting entries. Define main accountsįirst, you must create the intercompany main accounts to use for the Due to and Due from accounting entries. To enable these scenarios, you must set up intercompany accounting. Intercompany journals can be created in various scenarios, such as for daily journals, vendor invoice journals, ledger allocations, and centralized payments. This article explains how to set up intercompany accounting so that you can use intercompany journals for ledger allocations and financial journals, such as daily journals, vendor invoice journals, and payment journals.
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