The following instructions are useful in dealing with reconciling bank transfers between different Bank accounts.
1. Setting up a GL account for Funds in Transit or Transit Account (if required)
...
- For inter-company transactions you will need to setup a Inter-company clearing account rather than a Funds in Transit GL.
- The accounts needs to be setup for inter-company elimination (tick the check box on the account record)
- Otherwise it behaves the same as in the instructions above
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| Debit | Credit |
|---|---|
Forex Gain/Loss 5 EUR | Intercompany Clearing 5 EUR |
The clearing account should balance to zero after both bank statements have been posted. In case there should be elimination, the elimination journal should be created separately, outside the bank statement,