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SSWap5922
November 19, 2021
Question

streamlining or automating intercompany transactions?

  • 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.  

    1 reply

    T
    Trish_TQuickBooks Team
    QuickBooks Team
    November 19, 2021

    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
    November 19, 2021

    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!

     

    S
    SSWap5922Author
    August 15, 2022
    @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.


    OP Resurrecting this discussion : )

     

    @Fiat Lux - ASIA the way I read your post is that you are describing a specific accounting application (that isn't QBO)? Is that correct? Or are you saying QBO Advanced and/or QBO Desktop Enterprise both give users that functionality?

     

    Correct me if I am wrong @A-Frame but what we want is basically the equivalent of a crisp excel template for both tracking and checking intercompany transactions that can be used in tandem with, say, a recurring transaction or single JE that can be copied month-to-month. Using it in tandem means that the spreadsheet "drives" the entry (i.e., number of lines, accounts hit, amounts all basically come from that spreadsheet).

     

    I haven't come across anything new since posting this. I am doing more intercompany transactions tho : ). How I manage it is (A) print off email instructions or whatever source document I have, (B) make a table using bulleted requests for interco (C) make another column (so you can check off FROM, TO for each co involved and as you enter the transactions into QBO). I've got one company up in Chrome and another one up using incognito - so I can input the two sides as a single activity (to avoid forgetting the notorious "other side"!).

     

    Pretty basic but it is what it is until we find something better!

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