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Manage multi-entity eliminations and journal entries in Intuit Enterprise Suite

by Intuit•21• Updated 3 days ago

Manage all of your companies' financial data from one place using the multi-entity feature in Intuit Enterprise Suite. You can eliminate intercompany accounts during consolidation, record intercompany journal entries between companies, and run consolidated reports to see your overall financial health.

Note: This article applies to Intuit Enterprise Suite customers using the multi-entity feature. Intercompany journal entries and elimination accounts must be managed from the parent company.

What you’ll need

  • An active Intuit Enterprise Suite subscription with more than one company.
  • Redundant intercompany accounts removed to avoid double-counting. These types of accounts are typically eliminated during consolidation:
    • Intercompany revenue and expense accounts
    • Intercompany receivables and payables
    • Intercompany investments and equity accounts

Note: Talk with your accountant or check current accounting standards to confirm which accounts to eliminate for your organization.

After you select these accounts once, Intuit Enterprise Suite removes their full balances from your consolidated reports automatically. 

  1. Sign in to your parent company.
  2. Select Multi-entity, then select Overview.
  3. Select Intercompany elimination accounts.
  4. For each company, choose the accounts that are used solely for intercompany transactions or balances.
  5. Select Done.

Intuit Enterprise Suite will remove the full balances of these accounts from your consolidated reports going forward.

Create an intercompany journal entry

Intercompany journal entries must be created from the parent company. To keep record-keeping and audits simple, record intercompany transactions between two companies at a time.

  1. Select + Create, then select Journal entry.
  2. Turn on Intercompany transaction. This adds the Company column to the journal entry form.
  3. On the first line, select a company from the Company field, then an account from the Account field.
  4. Enter the amount in the correct column to debit or credit the account. The debit or credit is recorded to the company and account you selected.
  5. Repeat steps 3 and 4 for any additional debits and credits for the first company.
  6. On the next line, choose the other company you're moving funds to or from in the Company field, then add the account and amount.
  7. Select Save and new or Save and close. The transaction is recorded to all companies you selected on the form.

If you record the same intercompany journal entry on a regular schedule, save it as a recurring template instead of re-entering it. New instances post automatically on the schedule you set.

Note: Recurring templates for intercompany journal entries are available beginning with the May 13, 2026 Intuit Enterprise Suite release.

  1. Create a new Journal entry, or open an existing one.
  2. Complete the journal entry as you normally would.
  3. Select Save as template.
  4. Name the template and confirm the template details.
  5. Set a schedule for new instances of the transaction. Once scheduled, new instances post on the intervals you choose.
  6. Save the template.

To manage your templates, go to Intercompany transactions, select Manage IC settings, then select Recurring templates.

Next steps

Run consolidated multi-entity reports inside Intuit Enterprise Suite, or use Spreadsheet Sync to work with the data in Excel or Google Sheets.

  1. Select Multi-entity, then select Overview.
  2. In the Consolidated reports section, choose the report you want to view:
  • Profit and loss
  • Balance sheet
  • Cash flow statement
  • A/R aging summary
  • A/P aging summary

Download reports into Excel or Google Sheets to customize them with charts or pivot tables.

Note: If you use Google Sheets, you can't make bulk edits or import any changes back into Intuit Enterprise Suite.

  1. If you haven't already, set up Spreadsheet Sync.
  2. In the Spreadsheet Sync panel, select Build multi-company reports.
  3. Select the group you want to run the reports for.
  4. Select the report you want to view:
  • Balance sheet — multiple period
  • Profit and loss — multiple period
  • Trial balances
  1. Select Filters to narrow the data you want from the source. The available filters depend on the report type.
  2. Select Run report in Excel or Run report in Google Sheets to send the data to your spreadsheet.
  3. Use the spreadsheet's built-in features to create custom charts and graphs from your data.

Enter manual elimination adjustments

If you have an account that isn't used exclusively for intercompany transactions, you may need to remove specific amounts manually.

  1. In the report you downloaded with Spreadsheet Sync, adjust the amounts in both the Eliminations column and the Consolidated statement column.
  2. Save your spreadsheet. Manual adjustments aren't posted back to Intuit Enterprise Suite.