Intercompany Revenue Adjustments
Intercompany revenue adjustments are identified by a Rev Type of IC-Intercompany and allow you to debit or credit an offset account in the posting company and debit or credit contract revenue in another company.
When the IC type is selected, a Company field is enabled, allowing you to specify the job cost company to which the revenue adjustment will be posted. You will need to specify an Offset Account for the posting company to allow for proper updates to the appropriate GL accounts.
When an intercompany revenue adjustment is posted, GL accounts are updated as follows:
Posted From: Co 1
Posted To: Co 5
Amount: 1,000.00
| Company #1 | Company #2 | |||
| Debit | Credit | Debit | Credit | |
| 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | |
| Offset Account | Intercompany AR | Intercompany AP | JC Revenue Account | |
Note: Reversals cannot be done through intercompany
entries. Additionally, once entries are posted, they cannot be added back into a batch
for further editing or deletion. Corrections must be done by entering new
adjustments.Additional Information
