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SuiteWorld October 6 - 9, 2025: Agenda Builder is live!
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• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
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Don’t miss your chance to meet our SuiteGurus—NetSuite Support professionals and subject matter experts with extensive experience in select product areas, including OneWorld, Advanced & Basic Accounting, Supply Chain Management, Receivables & Payables, CRM, Account Administration, and the SuiteCloud Platform. Full Conference attendees can prebook exclusive 30-minute one-on-one sessions for your product questions.
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Offsetting and elimination methods for borrowing and lending in inter-subsidiary transactions
Offsetting and elimination methods for borrowing and lending in inter-subsidiary transactions
Please explain in detail the method of offsetting and eliminating borrowing and lending in inter-subsidiary transactions.
For example, if Company A makes a loan to Company B, a journal entry will be made for Company A as a loan and for Company B as a borrowing, respectively. These should be offset when preparing the consolidated financial statements because they are not liabilities or assets to external parties of the group as a whole.
How should the elimination journal entry be prepared to offset Company A's loans and Company B's borrowings when preparing the consolidated financial statements?
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