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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?

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David Cameron
Microsoft Financial Consultant
Templer Group
ANCASTER ON
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David,

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.

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David Gersten
Practice Manager
Dynamic Consulting
huntington beach CA
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Original Message:
Sent: Aug 07, 2019 02:27 PM
From: David Cameron
Subject: IC Best Practice Question

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
ANCASTER ON
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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.

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Tara Langley
Accounting Manager
Culver Franchising System, LLC.
Prairie du Sac WI
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Original Message:
Sent: Aug 07, 2019 02:27 PM
From: David Cameron
Subject: IC Best Practice Question

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
ANCASTER ON
------------------------------