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craneuser
Level 2

Intercompany invoices in AR and AP

Hi,

We have several entities and several regular intercompany transactions among them.

I'd like to be able to quickly see only third-party AR and AP in each entity, but I haven't figured out a way to do this other than by eliminating the intercompany transactions.

I thought about setting up intercompany only AP and AR accounts, but that doesn't seem possible.

Any workarounds?
Thank you!

2 Comments 2
Maybelle_S
QuickBooks Team

Intercompany invoices in AR and AP

Hello there, @craneuser.

 

Thank you for posting in the Community. I can provide clarification on QuickBooks Online (QBO) supporting Accounts Receivable (A/R) and Accounts Payable (A/P) accounts.

 

QuickBooks Online allows you to have multiple Accounts Receivable, however, the invoice created will use the default accounts receivable. But, I have a workaround that you might want to consider. You can create a Journal Entry to move the amounts from the default A/R account to the other A/R account.

 

Just a heads up, it would be best to reach out to your accountant so they can guide you further.

 

You can also use this reference for the detailed steps in creating a journal entry: Journal Entry.

 

I'm just around the corner if you still need my help.

craneuser
Level 2

Intercompany invoices in AR and AP

Thank you for the response. Since we have many intercompany transactions, however, and moving them via JE would nearly double the time of entering them, this is not a workable solution for us.

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