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SSWap5922
Level 2

streamlining or automating intercompany transactions?

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.  

10 Comments 10
Trish_T
QuickBooks Team

streamlining or automating intercompany transactions?

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!

SSWap5922
Level 2

streamlining or automating intercompany transactions?

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!

 

Trish_T
QuickBooks Team

streamlining or automating intercompany transactions?

Hi SSWap5922,

 

There's several apps that integrate with QuickBooks Online and you can filter by key words to minimize your search.  Although I wouldn't be able to suggest a specific app, others may respond on this thread to offer additional advice for you.  In the meantime, have a look in the QuickBooks Apps store and you'll see the opportunity to contact support to ask additional questions, to ensure their app meets your business needs.  There are some that offer free trials as well.

 

In addition, you can reach out to our Development Team and provide a suggestion for new features.  We look forward to any recommendations you may have for future updates, to provide you with the best customer experience in QuickBooks Online.

 

All the best!

SSWap5922
Level 2

streamlining or automating intercompany transactions?

I understand your hands being tied on recommending any apps over others. I meant more are any there apps with this functionality? I can't seem to find any on my own. And reading between the lines of your reply it doesn't sound like, if I may, you've found any, either? Please correct me f I am wrong.

 

Wrt sending suggestions to the Development Team, I've been told this too often with too little results that it seems worth it anymore. Please pass this on to DevTeam if you think it has a chance of going anywhere or would be acted on in the short term (defined as a year or less). Otherwise, why bother? I'd take a different tack if there was a MS Voice-like forum where me and others could vote for most wanted features (do you have this?). Alternatively, I've heard of other companies mandating that Development Team members spend time responding to forum poster's questions to help them better understand the users' point of view and to help keep it in mind as they prioritize changes and upgrades. Completely understand and respect that there's a finite amount of resources for an unlimited number of wants. : S

 

Finally, my actual suggestion is that responders like stop making this suggestion as it comes across like boilerplate (no offense intended here, just relaying my ho) and, if they are going to suggest someone make a suggestion, that they then take ownership of it and see it to its finality (i.e., "I took your suggestion up to VP of Development and s/he says it can be done, but just not enough support behind it, business case isn't there, so your options are limited, really; either build a following to force us to implement it, go find an alternative and if you like us enough let us know so we can check it out/see if it can be easily integrated and/or, last, TFCO and better luck next time". I think that'd be more real overall. And refreshing. Just like I'll need to be doing since I spent WAY too long typing this post... lol.

 

Thanks again and have a great weekend!        

A-Frame
Level 1

streamlining or automating intercompany transactions?

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 

Fiat Lux - ASIA
Level 15

streamlining or automating intercompany transactions?


@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.

SSWap5922
Level 2

streamlining or automating intercompany transactions?

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!

Fiat Lux - ASIA
Level 15

streamlining or automating intercompany transactions?


@SSWap5922 wrote:

@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? 

 

Correct.

SSWap5922
Level 2

streamlining or automating intercompany transactions?

So... what is it?
Fiat Lux - ASIA
Level 15

streamlining or automating intercompany transactions?

Send me a private message for details.

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