2 Replies Latest reply: Jun 5, 2013 7:55 AM by 1012540 RSS

    Handling Intercompany Eliminations and JEs

    1012540
      I wanted to get some thoughts and ideas from folks who have had to deal with similar situations. During month end close, our division controllers submit a lot of (over hundreds) of JE and ICP transactions to HFM. These ICP transactions often do not have the intercompany balances in the correct places. In some cases, these transactions do not even balance. Our corporate office spends a lot of time going back and forth with the divisions and end up having to re-class the balance to close the book. The process has been very painful and I know it is mostly a business process issue rather than a tool issue. Wanted to get some ideas around how to streamline this.

      Thanks in advance for any input.
        • 1. Re: Handling Intercompany Eliminations and JEs
          BMaguire
          You should look into the HFM Intercompany Transaction Module. The divisions can load their transactions into it and it will match transactions between partners based on any field you specify, usually a journal id is used. A spot rate or USD amount can be entered along with the local currency amount so that these transactions can be matched by the translated amount on the day of the transaction. FDM also has an HFM IC Module adapter that can be used to load the data. All of this would allow the divisions to fix the IC issues instead of relying on corporate to do it.
          I have a client that has been very successful in using it.

          Edited by: Brian Maguire on Jun 4, 2013 3:56 PM
          • 2. Re: Handling Intercompany Eliminations and JEs
            1012540
            Thanks for the reply. We are obviously not using the ICT Module here, but it looks like we should be! Will read up on it along with the FDM IC Module adapter. As a follow up, is the FDM IC Module adapter a “nice to have” or does it really enhance the use of HFM’s ICT Module?