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This page explains how to set up the advanced intercompany journal posting
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Eliminate Intercompany Transaction Netsuite provides the option to automatically eliminate intercompany transactions. This option can be set on account settings. Currently the advanced intercompany journal feature doesn’t support the automatic elimination, so only accounts that do not have this option enable are able to work with this feature. If elimination is needed then this should be done manually. |
General setup
For creating an advanced intercompany journal the journal posting needs a clearing account and these should be set up for each from “From” and to “To” subsidiary combination. The from “From” subsidiary is always the subsidiary listed on the bank statement and the to subsidiary “To subsidiary” is the selected subsidiary to where you would like to post the funds. The system will only show to the end-user configurations that are applicable to the subsidiary in which they are performing the reconciliation.
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Review the permissions
To be able to use the new intercompany journal posting feature the user role must be adjusted so it does include the customer record permission “Bank Statement IC Clearing Account”.
We recommend setting this for standard users to “View” and for managers or administrators to “full”.
Create a from/to subsidiary setup
To create a from/to subsidiary setup, navigate to SETUP->BANK RECONCILIATION->INTERCOMPANY CLEARING ACCOUNT->NEW. On the page that opens there are 4 settings:
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The ability to create advanced intercompany journals is by default disabled and must be set for each bank account configuration separately. To activate this option navigate to SETUP->BANK RECONCILIATION->BANK ACCOUNT CONFIGURATION. Select a bank account configuration and press edit. Scroll to the bottom section and under preferences check the checkbox labeled “Enable Intercompany Journal Posting”. When enabled a new column will become visible that allows the user to select a subsidiary to.
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When enabled
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Checklist - the following 3 steps are needed for full configuration of the feature:
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When fully configured, a new column will become visible that allows the user to select a subsidiary to
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value in the field “IC To Subsidiary”:
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Using the intercompany posting
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