The Intercompany feature is aimed at organisations that have multiple companies or other legal entities using Access Financials. Intercompany transactions allow transactions against another instances of Access Financials to be automatically created when posting against a nominal account set up for Intercompany Posting.
Example:
A Rugby Club organisation has three companies:
Main Rugby Club
Catering and Events
Training Academy
The main rugby club purchases eight laptops however two laptops are for the Training Academy. They complete the purchase of the laptops but then want to pass on the cost of these other two laptops to the Training Academy. This can be done quickly with Intercompany rather than manually creating transactions in each company.
Module and Permissions
The Intercompany module isn't a standard module with Access Financials and isn't included by default. If required, please contact your account manager to discuss enabling the feature within your system.
Note: Intercompany is only supported if your system has been setup to use Advanced Nominal Ledger.
Once the intercompany module is enabled, security permission must be assigned to a security profile, the main admin profile, in order to setup the feature. This can be done:
Click System, then click Options.
Click Intercompany Options.
Transaction Types
Intercompany transactions can be triggered when recording the following types of transactions:
Sales Invoice
Sales Credit Note
Purchase Invoice
Purchase Credit Note
Nominal Journal
Debit VAT Journal
Credit VAT Journal
Sales Order
Purchase Order
Purchase Invoice Register
Intercompany Options
Intercompany options screen is available in the following location within the Financials Menu. The previous steps takes you into these options.
The group filter Nominal/Analysis codes available sets up filtering by sub ledger. This feature is covered in the following section.
Filter Nominal/Analysis Codes Available by Sub Ledger
This feature filters the Nominal Accounts available against transactions to those that are mapped to the selected sub ledger. The feature is setup and controlled within Intercompany options. To enter these options, follow the steps mentioned above.
In the above example, sub ledger has been mapped to office. Therefore, the following happens when a sub ledger is selected against a transactions header:
The default nominal account code is cleared from detail lines if the office category does not match the selected sub ledger.
The available nominal account codes and analysis codes are filtered to those that match the selected sub ledger.
When the transactions saved, a validation error appears if the selected nominal account codes and analysis codes do not match the selected sub ledger.
The post automatic intercompany transactions from group controls which ledgers Intercompany posting is enabled for and whether posting across different currencies is enabled.
The Databases tab is used to setup which other instances of Access Financials intercompany posting can be set to and the default contra account for intercompany posting. The Intercompany tab sets which nominal accounts codes within the system triggers the generation of an intercompany transactions in a different.
This includes the ability to setup mappings for which company and nominal code the resulting intercompany transactions will be posted.
If the fixed options are used, users are not be able to change these details when entering intercompany posting Details. Even if these values are now invalid in the destination company.