Learn How to Manage Intercompany Transactions in QuickBooks Enterprise

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Call brief
Lori from Fourlane discussed the benefits of using an automated system to manage intercompany transactions between a parent company and its subsidiaries, highlighting the importance of accurately tracking and allocating these transactions to maintain financial transparency and alignment across the different businesses. The presenter demonstrated the process of setting up and managing intercompany transactions within the company's software, emphasizing the need for a robust system to address the challenges of the manual process and ensure efficient, accurate, and financially sound management of these transactions.
Key points
1. Intercompany transactions are used when a parent company buys something or gets a better deal that needs to be shared with its subsidiaries.
2. The intercompany feature is available in the Accountant, Platinum, and Diamond versions of QuickBooks Enterprise starting in 2023.
3. To set up intercompany relationships, you need to connect the parent and subsidiary company files and have Intuit accounts.
4. Each company needs "due to" and "due from" accounts in their chart of accounts to track the intercompany transactions.
5. Intercompany transactions can be created through bills or checks, and they need to be approved before they are finalized.
6. Rejected transactions cannot be changed, so it's important to be careful when rejecting a transaction.
7. Approved intercompany transactions show up as journal entries in the subsidiary company's financials.
8. The intercompany feature helps automate the process and ensures each company's financials accurately reflect the transactions.
9. QuickBooks Online does not currently have the intercompany transaction feature.
10. The setup process can be tricky, so the presenter offered Fourlane’s services to help clients get started with this feature.
Visit www.fourlane.com, call us at 1.800.931.2120, or email us at [e-mail] today.
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