Setting Up and Using the Inter Company Journal

Setting Up and Using the Intercompany Journal

Setting up Inter-company Accounts makes it easy to automatically update journal entries in multiple companies, helping you increase your efficiency.

Step 1: Creating an Intercompany Account

  1.  Log in on one of the companies required for the multiple company process.
  2. Go to Chart of Accounts > Account List tab and click on Insert (+).



  3. Create an account labelled 'Inter-company [Company Name]' for the next company.
  4. If there are more companies involved in your inter-company process, click Insert (+) and create an account as per point 3 for every one of the other companies.
  5. Repeat points 1 to 4 for the next company, and then for every other company in your multi company process.



Alert
Make sure that if you have, e.g. 3 companies in your multi company process, each company has 2 inter-company accounts for the other companies.

Step 2: Setting Up the Inter Company Account

After creating the inter-company account(s) in Chart of Accounts > Account List, you can now set up the Inter-Company Accounts under Support.
  1. Go to Support > Inter Company Accounts.



  2. This will open the Inter-Company Accounts window. Click on Insert (+) to add the Accounts you have created.
    1. Select the Company Number of the next company in your multi company process, followed by the A/C Code you gave that company's inter-company account.
    2. Press Post.



    3. Repeat points a and b for any other companies included in the multi company process.
  3. Log out of the current company and log in to the next company involved in the process, then repeat point 2.
  4. Repeat point 3 until all companies in your multi company process have all the entries required in their respective Support > Inter-Company Accounts.
WarningNotes
Remember! You will need to change Companies as the system will not let you select a company you are currently logged on.

Step 3: Using the Inter-Company Journal

Once the processes above are done, you will be able to post entries on the Inter-Company Journal from just one company, with SFM automatically creating the corresponding entry in the other company's journal.
  1. Go to Current Year > Nominal > Posting > Inter Company Journal.



  2. Click on the Insert (+) icon to add a new entry.
  3. Select the Debit Company and the account (A/C Code) to debit the amount, along with the Credit Company and the account (A/C Code) to credit the amount.
  4. Add the Journal Entry details as usual and click Save.



  5. Click on Update & Post.




The Nominal Posting Result will pop up, revealing the allocations that have been made. If you log out of the company and log in to the other company you will be able to see 


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