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IC Netting Clearing Account

in Ask A Guru 5 comments

Hello,

We recently started using the netting function in Netsuite to clear intercompany balances. We have two entities - first is in CAD, second is in USD. We were successful in netting the intercompany balances, and when we evaluate the consolidated balance sheet, everything looks to be in place.

However, when we generate a custom report (consolidated balance sheet with an added column for foreign currency), our AR/AP balances change. We also see that there is a new account, called "IC Netting Clearing Account" that has a negative other asset balance. When we click into this balance, it shows details of the netting to zero, not the negative balance.

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