Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
Now is the time to ask your NetSuite-savvy friends and colleagues to join the NetSuite Support Community! Refer now! Click here to watch and learn more!
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Stay in the Know
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Multiple Subsidiaries-Are elimination accounts always needed?
Hi There
I can't seem to find a conclusive answer online or in the help guides of whether an elimination account is always required when there are multiple subsidiaries?
The scenario in question is of a parent firm in NZ with subsidiaries in other countries such as Australia, Japan and USA
The Australian, Japanese and USA subsidiaries only have the following types of transactions with the NZ parent subsidiary:
The NZ parent subsidiary may transfer funds to their bank accounts in order to allow them to pay their local staff
The entry would be:
NZ Subsidiary
Dr Suspense account $xxNZD
Tagged:
0