Open Forum

Expand all | Collapse all

IC Best Practice Question

  • 1.  IC Best Practice Question

    Posted Aug 07, 2019 02:27 PM
    Client has 4 operating companies.   They are moving towards a common chart of accounts and will be using IC functionality.

    For the IC AR & IC AP GL accounts client has asked if they should have 3 named IC AR & 3 named IC AP accounts in each company OR 1 common IC AR & IC AP account?

    I am leaning towards 1 common IC AR & IC AP account in each company.  Ledger entries in each account will identify which IC partner the transaction came from.

    Any thoughts on how to setup?

    David Cameron
    Microsoft Financial Consultant
    Templer Group

  • 2.  RE: IC Best Practice Question

    Posted Aug 08, 2019 11:58 AM

    Personally, we have been doing a lot of research about the new MEM tool from Binary Stream.  It might be the best fit for your client.  We used it a lot with our GP clients and very excited to see it now in the BC space too.  You may want to check it out.

    David Gersten
    Practice Manager
    Dynamic Consulting
    huntington beach CA


  • 3.  RE: IC Best Practice Question

    Posted Aug 09, 2019 10:30 AM
    We use a single IC-A/P and IC-A/R GL account for use in all IC companies. We set up separate A/R  & A/P posting groups for IC vendors & customers, so if we want to verify the balance of each IC partner, we filter on the posting group to see the balance of each account. We also have a Jet Report we run at month end that pulls IC balances from each company's vendor & customer cards to make sure IC A/P matches IC A/R.

    Tara Langley
    Accounting Manager
    Culver Franchising System, LLC.
    Prairie du Sac WI


If you've found this thread useful, dive deeper into User Group community content by role