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Tax impact of interompany adjustments
Hi
This is linked to the following discussion:
using intercompany adjustments, the P&L impact for the project is against the correct subsidiary as a result of the intercompany adjustment journals created as part of the month end process.
However, the tax implication is against the wrong subsidiary.
For example:
An employee employed by Subsidiary USA does work on a project belonging to Subsidiary Australia Head Office's project (project ABC).
The employee codes an expense claim against Project ABC.
The impact of the expense claim is:
Subsidiary:
USA Subsidiary Dr travel $100
USA Subsidiary Dr GST Receivable(tax account) $10
USA Subsidiary Cr Accounts Payable $110
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