Tag: Intercompany Elimination

Important points to consider before running Intercompany Elimination

points to consider while running intercompany elimination in NetSuite: Ensure that all intercompany transactions have been properly recorded and matched before running the elimination process. This includes making sure that all transactions are properly classified as intercompany and that the correct intercompany accounts have been used. Make sure that the elimination process is performed in… Continue reading Important points to consider before running Intercompany Elimination

Why 2 Intercompany elimination journal entries created for a single bill or Invoice

Scenario: The User gets 2 elimination journal entries for the same invoice or bill while running the intercompany elimination. Answer: In NetSuite, intercompany eliminations are typically performed in two stages: Intercompany matching, which matches intercompany transactions between subsidiaries. Intercompany elimination, which eliminates the matched intercompany transactions to avoid double-counting in consolidated financial statements. During the… Continue reading Why 2 Intercompany elimination journal entries created for a single bill or Invoice