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Intercompany accounts do not balance

MikeGodbout
MikeGodbout Member, forum_userscommunity_users Posts: 18 Green Ribbon

We have multiple subsidiaries with different levels and different currencies. Normally after we run our intercompany eliminations the intercompany payable and intercompany receivable account for the consolidated company equals 0. Now for some reason there is about $3k net between them and has been for a couple of months. To find the difference I was thinking I could just run a list of transactions, eliminate the ones that offset and look at the remaining items. Unfortunately whether I run a transaction search or a transaction report, the transactions do not tie to the change in the balance sheet from before the problem existed until now. I also tried to drill into the receivable and the payable accounts and the beginning balance shown does not tie to the balance sheet, nor do the transactions.

Does anyone know of a way to run a report that will show a proper rollforward of the intercompany receivable and payable accounts that will tie to the balance sheet?

I also found an intercompany reconciliation in Netsuite, but when I run it it tells me no data was found.

By the way, almost all of our intercompany transactions are done via journal entries or shared vendor billing.

Thank you in advance

Answers

  • Michelle Jabanes-Oracle
    Michelle Jabanes-Oracle forum_netsuite_mod, ORACLE_EMPLOYEE Posts: 1,145 Gold Trophy

    Hi @MikeGodbout,


    Thank you very much for creating this thread!

    Allow us to check on our Gurus who specializes in this area and we will get back to you the soonest time possible.

    Any members who has an insight on this, please feel free to reply to this thread.


    Thanks,

    Michelle Jabanes | Ask a Guru

  • MikeGodbout
    MikeGodbout Member, forum_userscommunity_users Posts: 18 Green Ribbon

    Thanks

  • Patrick Fresnosa-Oracle
    Patrick Fresnosa-Oracle Member, forum_netsuite_mod, ORACLE_EMPLOYEE Posts: 377 Bronze Trophy

    Hi @MikeGodbout 😀.

    If you are using an Administrator Role one of the possible reasons as per SuiteAnswers ID: 37739 why the Intercompany Elimination accounts are not zeroed at month end:

    1. Additional transactions posted after completing the task.
    2. Revaluation not completed for other subsidiaries.

    Please double check the month when you had balances in your consolidated balance sheet. It is possible that the task Revalue Open Foreign Currency Balances is no ran when additional transactions was added. Please check you Balance Sheet Detail.

    One of the other reasons, is that the task Intercompany Elimination may have been ran multiple times (this is possible) and have duplicate Elimination Journal Entries.

    If your Sandbox Account have the similar behavior, please test and reopen first in your Sandbox Account and follow the solution provided in SuiteAnswers ID: 37739.

    Hope this helps 😀

    ===========

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