Inter Company

Last Updated on Feb 02, 2020

Inter Company accounting is the process of recording financial transactions between different branches within the same parent company. Because these entities are related, the transactions between them are not “independent” and companies can’t include a profit or loss from these transactions on consolidated financial statements.

This can be used for a variety of purposes, sometimes taking the place of cash in a transaction, acting as a receipt, or indicating that an invoice has been approved for payment.This section list the created inter company vouchers and it is categorised as approved, unapproved & cancelled.

Approved
Lists only approved inter company vouchers.
Unapproved
Lists only unapproved inter company vouchers.
Cancelled
Lists only cancelled inter company vouchers.
How to create a new IC voucher?

Click on New Voucher button and submit required payment details in the form displayed.

Details to be submitted are:
Account no *
Select the account to which you want to make Payment/Collection
Voucher date *
This field specifies the voucher creation date.
Offset Company *
Select the offset company to which you want to make Payment/Collection
Voucher type *
This field signifies the type of transaction. It can be chosen from the drop down displayed.
Voucher text *
This field specifies voucher text.
Currency Exchange Rate *
This field specifies currency and it's exchange rate.

User can click matching icon in order to match invoice and Payment/Collection. Partial payment is possible by checking corresponding check box of invoice & editing the open amount and submitting it.

Filling fields marked with an asterisk sign '*' is mandatory...!

Right click actions available are:
Approve
User can approve inter company voucher.
Print
User can print inter company voucher.
Actions
View : User can view voucher details.
Delete : User can delete the voucher

The user can't edit voucher once created

Right-click actions on Approved voucher:
Print
User can print inter company voucher.
Print Receipt
User can print the receipt of inter company voucher.
Actions
View : User can view voucher details.
Delete : User can delete the voucher