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IC Best Practice Question

  • 1.  IC Best Practice Question

    GOLD CONTRIBUTOR
    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?

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    David Cameron
    Microsoft Financial Consultant
    Templer Group
    ANCASTER ON
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  • 2.  RE: IC Best Practice Question

    Posted Aug 08, 2019 11:58 AM
    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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  • 3.  RE: IC Best Practice Question

    SILVER CONTRIBUTOR
    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.

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    Tara Langley
    Accounting Manager
    Culver Franchising System, LLC.
    Prairie du Sac WI
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    Conference-BCNAVUG_200x200


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