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If two separate companies have the same owner can there be an intercompany account between the two?
Wiki User
∙ 14y ago
Yes you will have intercompany entries as they are separate legal entities
Wiki User
∙ 14y ago
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When do you use intercompany accounts?
To record transactions between related companies
What is the difference between Intra company and Inter company accounting?
An intracompany is a business managed by a manager acting as an entrepreneur. An intercompany is a company that has many different divisions.
What is inter-company account?
Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM
What is difference between P and L statement and income and expenditure statement?
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
What is the different between cash credit account and current account?
Diff. between CC account & current account
When do you use intercompany accounts?
To record transactions between related companies
What is intercompany market?
The intercompany involves direct lending between companies. The supply of funds in the intercompany market comes from companies that have cash flows surplus to their current requirements. The demand for funds comes from companies who do not have cash flows sufficient to meet their current obligations. Given the nature of trading within the market, it is regarded as an example of a money market.
What is intercompany transactions?
These are accounts that are set up to post between companies. For instance, one company pays health insurance for it's self and another company. A portion of the payment is an expense of that company and a portion of that payment is due to the first company from the second company. So, instead of the two companies having to pay each other for every transaction every day. The due to/from intercompany account gets credited and debited so that all the transactions for the period (usually each month) are netted and one check is cut.
What is the difference between DC comics and Marvel Comics?
They are two separate companies. :)
What is a intercompany journals?
inter company journals are the journals passed in particular to describe the transactions between two entities.
What is the difference between Chevy Chase bank and chase bank?
They are two separate, completely different companies.
If there was a joint account between a daughter and mother and mother died can the daughter continue using the mothers separate and sole account at the same bank?
If mother and daughter have a joint account together and mother dies the daughter can continue to use the account or close it and reopen it in her own name. The daughter should be careful to account for any interest on her tax return. If mother also had a separate account at the same bank, the daughter has no right to use that separate account. That account should pass by will or by intestacy if there was no will.
What is the difference between left twix and right twix?
Acording to the two companies(yes they are separate companies) they are made different. From I've tasted they taste the same
What is the difference between Honda and Hyundai?
Honda is Japanese, Hyundai is Korean. Two totally separate companies (not related)
What is the difference between Intra company and Inter company accounting?
An intracompany is a business managed by a manager acting as an entrepreneur. An intercompany is a company that has many different divisions.
What do you understand by Intercompany Settlement?
A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel. Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.
What is the meaning of the term 'intercomp'?
Intercomp means Intercompany. This term is used to describe activities that are conducted between, at least, two business units or affiliates of the same parent company.
