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Run Elimination Process

edited Jul 16, 2020 1:09PM in Accounting / ERP 1 comment

I am currently facing an issue for the intercompany Journal entry.

I prepared the intercompany PO and SO for Huffman Canada (base currency CAD) and Huffman MFG (base currently USD).

Inventory on hand COGS at Huffman MFG is with 100 USD dollar. Huffman Canada raised a PO with 200 CAD item rate.

I have completed the following transaction:

Item fulfillment and Invoice at Huffman MFG. Item Receipt and Vendor Bill at Huffman Canada.

After I ran the Elimination process in month closing activity. The system passed the two journal entries. One is for the AR/AP and second for the income.

For the first JV, system correctly passed the Intercompany AR/AP against Intercompany CTA, however second income journal entry is incorrect, system adjusted intercompany income against standard COGS and hence intercompnay COGS and standard COGs difference still showing in the consolidated income statement. Attaching screenshot for reference.

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