Question

streamlining or automating intercompany transactions?

Forum|Forum|4 years ago
November 19, 2021
1 reply
16 views

Has anyone come across any means, apps, integrations, hacks or tips/tricks in QBO for streamlining intercompany transactions? I reconcile transactions between a few associated companies each month and always strikes me as a job for software that posting a bank download to Debit Cash Credit Due to/from (for simple cash transfers) or, say, paying expenses of one company from the bank account of a sister company could somehow trigger matching in another company's bank downloads (if that makes sense)? I've been told Sage300cloud has an add-on for this but I've never used it nor talked to anyone that's used it.

QuickBooks Online

T

Trish_T

QuickBooks Team

Hi SSWap5922,

Thank you for reaching out to Community for suggestions and recommendations for streamlining intercompany transactions. Although there's currently no way to perform this directly in QuickBooks Online, feel free to review your options in our QuickBooks App Store. This is a great question and I'll also be following for any additional tips or tricks others may have to offer.

Please feel free to reach out with any other questions. We'd be happy to help!

S

SSWap5922Author

Hi Trish,

Thanks for the reply! Confused by your response though wrt to part where you say " feel free to review your options in our QuickBooks App Store. "

Are you saying there are third party apps that can integrate with QBO? Can you point them out to me please? I looked a bit ago but didn't find anything.

Thank you!

Fiat Lux - ASIA

Level 14

I have this same challenge/frustration with intercompany. I'm new to a smaller organization that uses QBO, and similar to the post above, would love the option for users to vote/elevate requests, suggestions and tools (like MS) that would make using QBO much more efficient, easier, and less likely to have manual entry errors.

I have been given the responsibility to decide if we stay with QBO or look at other solutions to support finance and reporting for our group of small companies. This intercompany transaction is a big sticking point right now, and it seems crazy to have to use a 3rd party app for this accounting feature. I was not able to find anything specific that would just to intercompany... so far

@A-Frame wrote:
it seems crazy to have to use a 3rd party app for this accounting feature. I was not able to find anything specific that would just to intercompany... so far

@A-Frame

Afaik, you won't be able to find this feature in any program/application of the same class as the current QB. We may recommend one accounting app with this feature. It lets you automate financial reporting, inventory transfers, vendor, payments, cash management, and inter-company transfers across multiple related companies. You can track financials and create reports for an unlimited number of related companies within your organization. Related companies can share charts of accounts, calendars, and currencies, as well as non-financial data. Restrict user access to customer or vendor records by branch or company.

The system integration enhances all your intercompany reconciliation activities. For example, you can manage intercompany payments in Accounts Payable and centralize invoicing in Accounts Receivable. You can also manage intercompany journal transactions, intercompany goods transfers, company-specific cash accounts, and more.

Most of the time, we only recommend this system for QBO Advanced and QB Desktop Enterprise users.

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