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When do you use intercompany accounts?
To record transactions between related companies
If two separate companies have the same owner can there be an intercompany account between the two?
Yes you will have intercompany entries as they are separate legal entities
How do you treat irreconcilable Intercompany Account?
No accounts are irreconcilable. You may give uo looking for the difference but that doesn't mean it can't be found.
What is examples for Real Personal accounts?
Some examples for Real Accounts are cars and houses, while examples for Personal Accounts are credit cards.
Examples of nominal account?
Examples of nominal accounts are losses and expenses of gains or income.
When do you use intercompany accounts?
To record transactions between related companies
What account type is an intercompany account on the chart of accounts?
Other Debtors account
If two separate companies have the same owner can there be an intercompany account between the two?
Yes you will have intercompany entries as they are separate legal entities
How do you treat irreconcilable Intercompany Account?
No accounts are irreconcilable. You may give uo looking for the difference but that doesn't mean it can't be found.
What is examples for Real Personal accounts?
Some examples for Real Accounts are cars and houses, while examples for Personal Accounts are credit cards.
What is the definition of intercompany?
The definition of intercompany is a number of individuals assembled or associated together. It can also mean an assemblage of people for social purposes.
What is a intercompany journals?
inter company journals are the journals passed in particular to describe the transactions between two entities.
What are the administrator and guest user accounts examples of?
Built in user accounts
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 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.
Examples of nominal account?
Examples of nominal accounts are losses and expenses of gains or income.
Intercompany should these appear on the PL or balance sheet?
If your question relates to paying Company A's expenses with Company B's money, those entries belong in accounts; "Due to Company B" and "Due from Company A", which would appear on the balance sheet.
