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Overview
This tutorial covers entering, matching, posting, and verifying intercompany transactions in Financial Management.
Your company is closing its books for January 2007 and discovers that its Connecticut sales office owes $35,000 to its California sales office. You must enter and reconcile the intercompany transactions between the two sales offices. In the Intercompany Transaction module of Financial Management, you enter, match, post, and verify the intercompany payables and receivables transactions.
In this part of the tutorial you enter intercompany payables and receivables transactions for Connecticut.EastSales and California.West Sales.Before entering transactions, you open the period in which the transactions occur.
After entering the transactions, you match the transactions. The matching process ensures that all entries are entered and reconciles differences between the intercompany account balances. Finally, you post the intercompany transactions to include them in an account balance.
1.
On the Intercompany Transactions page, select Match > Auto Match.
The AutoMatch page is displayed.
2.
Perform the following actions:
a. In the Entity box, select California.WestSales.
b. In the Partner box, select Connecticut.EastSales.
c. Select Match by Account.
d. Click Add.
3.
Perform the following actions:
a. In the member list, select Intercompany.
b. In the list of intercompany accounts, select ShortTermRecInterco.
c. Click OK.
The account is displayed on the AutoMatch page.
4.
Click Add.
5.
Perform the following actions:
a. From the member list, select Intercompany.
b. From the list of intercompany accounts, select ShortTermPayInterco.
c. Click OK.
Both accounts are displayed on the AutoMatch page.
6.
Click Match.
The Running Tasks window is displayed.
7.
Verify that the process is completed, and click X to close the window.
The AutoMatch page is displayed.
8.
Click Close.
The Intercompany Transactions page is displayed.
9.
Verify that the Status column is updated.
Note: The green squares in the Status column indicate that the transactions are matched.
10.
Select Post > Post All.
The Running Tasks window is displayed.
11.
Verify that the process is completed, and click X to close the window.
The Intercompany Transactions page is displayed.
12.
In the Browser View pane, select Process IC Transactions.
The page is refreshed.
13.
Verify that the Status column is updated again.
Note: The green flag in the Status column indicates that the transactions were posted.
You have successfully matched and posted intercompany transactions between California.WestSales and Connecticut.EastSales.
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