Intercompany Accounting in Acumatica
Posted on: November 3, 2022 | By: Jim Bertler | Acumatica
Intercompany accounting has become a more common occurrence for companies, and it is an essential part of running a successful, efficient business. Because this type of accounting works between multiple different entities within one parent company, it can become quite complex.
Acumatica offers Acumatica Intercompany Accounting, a module that aims to simplify the process of tracking financial information and generating reports across multiple branches of your company. Let’s go over some of the key features.
Centralized Purchasing and Invoicing
In the intercompany accounting module, users can integrate Accounts Payable, Accounts Receivable, and Sales Order Management to make it easy to make purchases and generate sales orders in other companies.
Asset Transfers
Users have the ability to assign and track fixed assets to specific companies through the Fixed Asset management module. Moreover, users can transfer these assets and apply depreciation and purchase history to the receiving company of the assets.
Cross Company Sales
When the various entities interact with each other through the buying and selling of services, Accounts Receivable invoices have to be generated. The accounting module will automatically create an Accounts Payable bill for the other entity involved in the transaction, linking the two documents.
Acumatica’s Intercompany Accounting module is packed with features that simplify and aid companies in effectively managing financial transactions within a single parent company. To read up on the rest of the features, check out Acumatica’s page.
Next Steps
Logan Consulting partners with Acumatica to help clients identify and implement software that will address their needs. Contact us today to learn more about how we can help your business.