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NetSuite Admin Tip | Recording Intercompany Transactions with Regular Journal Entries
In a multi-subsidiary setup, accurately recording transactions between entities is essential for maintaining balanced financials. Intercompany transactions are used to reflect business activity between subsidiaries, with intercompany accounts—such as intercompany accounts receivable and payable—serving as the general ledger accounts for these entries. These accounts are specifically used for amounts that may later be eliminated during consolidation.
In NetSuite OneWorld, we use an intercompany journal entry to record these transactions between subsidiaries. By default, you cannot use a regular journal entry with intercompany accounts unless you add an intercompany entity and mark the entry as elimination. This helps keep everything accurate across all subsidiaries.
Niña Camille Paule | Advanced Accounting and Reporting
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