At least 10% of our clients ask for such functionality and it is quite important to them. Sage Accpac ERP is one of the fewest accounting software packages out there that does this very well. Most of the clients that come to us wanting this functionality are using something like QuickBooks where it is impossible to do. QuickBooks does not even support multi-company functionality where you do consolidations let alone intercompany transactions.
So what is intercompany transaction? Intercompany Transaction is the ability to post an invoice into one company and pay for it, yet distribute the liability and/or expense over multiple companies. Why is this functionality so important? It is quite important because it is time saving functionality. Imagine that you get an invoice for one of your companies in Canada while you’re in the US. You need to pay the invoice on their behalf make sure it is expensed on Canada’s books and not the US. If you have QuickBooks, you have to post transactions in both General Ledgers of the companies which means doing the work twice. Well in Sage Accpac ERP, you just need to do it once in one shot, and then the system will post the due-to and due-from in both ledgers.
As a controller or accounting person in any company, you would want to the least amount of mundane activities. Therefore a module like this always pays for itself. It eliminates errors, and even the problem of forgetting to do something.
See the link to our product.
If you have any questions, please call Rick Chase at 800-294-2900×111
Tags: General Ledger Consolidation, Intercompany Transaction, Multi-Company Accounting, QuickBooks