Maintain and Reconcile Intercompany Transactions Beth Yates Customer Success Team Lead, Team 2

Purpose The purpose of this class is to facilitate entries across multiple companies eliminating the need for duplication of efforts. Provides a method for efficient reconciliation of intercompany transactions.

WolfePak’s Multi-Company Module Make invoice entries from the parent company to multiple other companies Scanning? Send scans attached to multi-company invoices also Select how you want to see the invoice and payment Duplicate Checking Save time! More Efficient! Available for General Ledger Standard Entries, Deposit Entry, and Purchase Order also!

WolfePak Multi-Company (cont.) Risks: Intercompany entries are not made Intercompany entries are made incorrectly Out of balance intercompany accounts Payments made from the wrong company

Set up Setup is the same across all companies Intercompany Account and Sub-table Sub-Accounts for each company (5 Character Company Code) AP Company Options/ Multi-Company Options tab

Setup (cont.) Tell WolfePak how you want to record the AP invoice entry Entire Invoice is paid by one company-Split Invoice by Amount is set to No Invoice is split and paid by the company(s) that the invoice is expensed to -Split Invoice by Amount is set to Yes. Split Invoice paid by first company expensed to-Split Invoice Amount is set to First Coded Company. This is a rarely used option.

Enter Those Invoices! AP Invoice Entry has a new column for you to code the company Use in Enter Checks and Drafts if needed Enter and update as normal

Entries

Write Those Checks! Entire invoice paid by one Company: write checks as normal Split Invoice Option: Multi-Company Check Writing Options Open Item Report Write Checks

Multi-Company Open Item Report Select the companies to run the open item report for. Select how you wish to view the report: By due date Display all invoices Only marked invoices

Multi-Company Open Item Report

Multi-Company Write Checks Select which companies to write checks for. Select how you wish to pay the checks: Pay by Due Date Pay All Invoices Pay Only Marked Invoices Print checks and review!!

Reconcile Intercompany Accounts Available when using option: Entire Invoice Paid by one Company

Multi-Company General Ledger and Standard Entries Need to send GL entries to multiple companies? GL has a column to code the company where those entries need to go. Select the company where the debits/credits will post. Send those GL standard entries to multiple companies upon posting. Verification will be performed for decks, AFE’s, and #Allocations in the “To” company.

Multi-Company GL Entries

Multi-Company Standard Entries

Multi-Company Deposit Entry Enter receipts into a parent company Record the AR/Income into another company(s) Entries sent to other company(s) flow over as unposted in the GL module. Go post those entries!! Use the Reconcile Interco Accounts report to reconcile between companies. Run from the parent company.

Setup Setup is the same as Multi-Company AP except for the account. The account should be an asset type account to offset to.

Deposit Entry Company Maintenance

Entries Entries in BETH1

Entries Entries in BETH3

Reconcile Intercompany Accounts

Conclusion If you are in the situation where you are making entries across multiple companies, take advantage of WolfePak’s Multi-Company Options to help mitigate the risk of human error and to save time!

Questions