Accounting > Intercompany journal entries

This function is only available in the Trust version of Mill7.

If there are current account relations between the various bookkeepings (e.g. between the holdings and subsidiaries) you can use Ctrl+R to create intercompany journal entries.

Example

A payment of a purchase-invoice is debited of the bank account of a holding. Book this payment in the bank book on the C/A account and press Ctrl+R.

First, choose the bookkeeping of the subsidiary. Next, select the C/A account, the opposite account and the memorial daybook in that bookkeeping. When cost centre accounts are selected, the cost centres must be selected as well. The opposite account can also be a debtor account or a creditor account. In that case, an outstanding invoice can also be selected.

On the basis of the original journal description, a description will be constructed to be used in the new entries. This description can be changed. On the next tab, a proposal is presented with the journal entries the will be created.

Conditions

•The function cannot be used in the journals related to the opening balance.

•The journal entry may not relate to a debtor or creditor.

•An amount must be present in the journal entry.

•No VAT code may be applied in the journal entry.

•The user must have the appropriate rights in the target bookkeeping.

•The accounts that will be used in the target bookkeeping may not be blocked.

•The period that will be used in the target bookkeeping may not be blocked.

Currency differences

The currency of an C/A entry is determined by the currency of the daybook in which the entry is made.

In the target bookkeeping, a journal entries are made in the currency of the memorial daybook.

When the currency of the memorial daybook in the target bookkeeping differs from the currency of the C/A entry in the originating bookkeeping, the original amount and the associated currency are stored in the Ctrl+K function of the journal entries in the target bookkeeping.

The rate is calculated using the rate table that is linked to the daybook in the target bookkeeping.

Selection tab

Bookkeeping

No book year can be selected. Only the bookkeepings of book years where the date of the journal entry falls between the start and end date can be selected.

Current account and Opposite account

Only accounts that are not blocked can be selected. This means that daybook accounts are also excluded.

Cost centre

If a selected general ledger account is a cost centre account then the cost centre is mandatory, otherwise no cost centre can be entered.

Daybook

Only daybooks of the memorial type can be selected.

Description

The description is taken from the original journal entry and prefixed with "C/A:".

This description can be modified for application in the target accounting journal entries.

Switch to bookkeeping

If this box is checked, the target bookkeeping will be opened after the journal entries have been created and the entries created will be displayed immediately.

Proposal tab

The proposal shows which journal entries will be created with the amounts in the currency of the intended memorial daybook.

If this currency is different, the amounts shown have been converted on the basis of the applicable exchange rate (which is also displayed).

The original amount and currency are stored in the Ctrl+K function of the journal entries to be created.

The period is determined on the basis of the date of the journal entries in relation to the book year settings of the target bookkeeping.

Process

When the proposed booking is executed, the settings on the first tab are recorded so that they can be filled in automatically the next time.