Making Advanced Intercompany Journal Entries

To make an advanced intercompany journal entry:

1. Go to Transactions > Financial > Make Advanced Intercompany Journal Entries.

2. In the Classification section, select the Subsidiary initiating the journal entry.

   1. You must select the Subsidiary before you can select the Currency.

3. In the Primary Information section:

   1. In the Entry No. field, accept the default or enter a different number.

   2. Review the Out of Balance By fields as you enter journal lines. They indicate whether the debits and credits in the journal entry balance.

   3. By default, the Currency field displays the base currency of the subsidiary selected in the Subsidiary field.

   4. If you have journal approval permission, check the Approved box to approve your journal entry when you save it.

   5. In the Date field, accept today's date or enter a new date for the journal entry.

   6. If you use fiscal periods, you see a Posting Period field.

   7. Leave the Reversal Date field blank and Defer Entry box blank, unless you want to create a reversing entry at the same time.

   8. In the Memo field, enter information to help you identify this journal entry in a list of other journal entries.

4. On the Lines subtab, enter the information for the journal lines.

   1. In the Subsidiary field, select the subsidiary to associate with this journal line.

   2. In the Account field, select the general ledger account for posting this journal line.

   3. In the Debit or Credit field as appropriate, enter the amount to post to the account.

   4. If required, select a Tax Code to determine the tax rate for the line.

   5. Optionally, enter a Memo to help you recognize this entry in a register for this account.

   6. Optionally, in the Name field, select a customer, employee, project, or vendor to associate with this entry.

      If you use Automated Intercompany Management, select an intercompany customer or intercompany vendor, as appropriate.

   7. If you have enabled Departments, Classes, or both on the Company subtab of the Enable Features page, select the appropriate classification to associate with this line entry.

   8. If you have enabled Locations on the Company subtab of the Enable Features page, select the appropriate location to associate with this line.

   9. If you use the Revenue Recognition or Amortization features:

      1. In the Schedule column list, select the appropriate template.

         Revenue recognition templates display when the Revenue Recognition feature is enabled. Amortization templates display when the Amortization feature is enabled.

      2. If you select a variable template, you must also select the associated project in the Name column list.

      3. Enter a Start Date and End Date, if needed.

      4. Enter the Residual amount not to be amortized, if appropriate for amortization.

   10. If you are using the Automated Intercompany Management feature and the Eliminate box is checked, in the Due To/From Subsidiary column, select a subsidiary that is not the Subsidiary.

   11. In VAT AMT, enter the VAT tax amount for the line, if any.

   12. In the Tax Account field, select the account for the tax.

   13. The Exchange Rate field is the current exchange rate between the selected currency and the base currency of the Subsidiary in the line.

   14. Click Add.

   15. Repeat these steps for each line item.

       When you finish entering line items, the Debit and Credit out of balance fields at the top of the page should be blank. If either field contains an amount, your line items are out of balance and you cannot save this entry. The net debit and credit amount on the From subsidiary, must be the same as the total net credit and debit of all To subsidiaries combined.

5. On the Communication subtab, you can attach files and notes to this transaction.

   1. On the User Notes subtab, enter a title and note for any comments you want to add to this transaction. Click Add after each note

   2. On the Files subtab, select and attach files from the File Cabinet related to this transaction. To upload a new file to the File Cabinet, select New from the list in the Attach Files column.

   3. Use the Events, Tasks, and Phone Calls subtabs to add to attach activities, such as events, phone calls, and tasks to this transaction. 

6. If the Multi-Book Accounting feature is provisioned in your account, the Accounting Books subtab appears. This subtab shows the secondary books, if any, and their respective base currencies and exchange rates. 

7. Click Save.

8. To view the general ledger impact of the created transaction, from the Actions list, select GL Impact.