GL - Intercompany in GL

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Intercompany in GL

What is the purpose of Intercompany in GL? Explain purpose of criteria

Total Answers and Comments: 4

Last Update: July 13, 2009 Asked by: mirunalinimiru

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Submitted by: avrao

Inter company is nothing but sharing two or more company details (accounts) under same owner/shareholder.

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navin chaitanya

July 29, 2008 15:21:23

sureshcamba

Member Since: July 2008 Contribution: 1

RE: Intercompany in GL

Intercompany can be two types

one can route through common Clearing house
Another can directly distribute funds etc

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March 19, 2009 16:25:44

avrao

Member Since: March 2009 Contribution: 1

RE: Intercompany in GL

Inter company is nothing but sharing two or more company details (accounts) under same owner/shareholder.

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Overall Rating: +1

June 07, 2009 07:05:38

subapr2002

Member Since: July 2008 Contribution: 5

RE: Intercompany in GL

The purpose is to show the exact accounting transaction on a single company eventhough it lies under any parent (group of companies) Company.

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July 13, 2009 07:36:55

satishmkumar

Member Since: May 2009 Contribution: 10

RE: Intercompany in GL

There are two (2) types:

(1) Inter Company Journals: These Journals are created for the transactions between the balancing segments of one or more legal entities.

(2) Intra Company Journals: These journals are created between the transactions of one or more balancing segments of same legal entity.

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