Intercompany Accounts

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Qbyte Financial uses intercompany accounts in most data entry screens. These are used to process intercompany transactions. Qbyte Financial creates intercompany transactions whenever transactions cross organizational boundaries. For example, a financial voucher is marked in data entry as being in a “voucher organization”. If a line item in that voucher is booked against a company other than that voucher organization, Qbyte Financial treats this as an intercompany situation and automatically creates a pair of transactions to accommodate the situation.

Intercompany Account Example

P2 Holdings received payment for a property owned by P2 Petroleum. You entered this on the Enter Vouchers screen:

Qbyte Financial records these journal entries:

Set up intercompany accounts

1. Navigate to the menu and select Configuration > Account > Intercompany Accounts

2. Enter the intercompany accounts information:

In this field...	Enter this information...

In this field...	Enter this information...
From Organization	The organization number for the originating organization. Qbyte Financial automatically enters the description from the organization number. Click the LOV icon to open the List of Values screen and select the appropriate code.
To Organization	The organization number for the destination organization. Qbyte Financial automatically enters the description from the organization number. Click the LOV icon to open the List of Values screen and select the appropriate code.
Account	The account number used by the originating company to record the intercompany transaction. You must also have a corresponding intercompany account set up in the destination organization. Click the LOV icon to open the Accounts List of Values screen (ACTS067) and select the appropriate code.
Account Description	No entry required. Qbyte Financial automatically enters the account description from the Chart of Accounts screen (ACTS011).

3. Select the Save Record icon to save the information and exit the screen.

4. Repeat steps 2 and 3 for each new intercompany account.

5. Select the Exit (X) icon to close the screen.