What is anIntercompany Elimination Input Form? An Intercompany Elimination Input Form serves as a tool for month-end consolidation and is utilized by Group Controllers and Accountants to manage intercompany entries required for the completion of the consolidation process. This type of input form offers a convenient way for users to input "due to" and "due from" journal entries. The form includes the intercompany accounts on the same row, along with a control/difference column, facilitating the user in ensuring that the entries are balanced. An example of this input form is provided below.
Purpose of Intercompany Input Forms Intercompany Input Forms are employed by companies and organizations to efficiently and securely capture intercompany transactions. By incorporating these forms into the Finance & Accounting Department's best practices, a company can enhance its consolidation process and speed while mitigating the risk of unbalanced intercompany transactions or incomplete audit trails.
Benefits to Users Utilizing an Intercompany Elimination Input Form offers several benefits to business users, enabling them to make informed decisions and enhance their efficiency in performing their roles. With this tool, users gain a clear overview of intercompany entries, ensuring accuracy and balance in financial consolidation processes. The user-friendly interface simplifies the input of "due to" and "due from" journal entries, reducing the likelihood of errors or omissions. Additionally, the inclusion of intercompany accounts on the same row, along with a control/difference column, facilitates quick reconciliation and verification. By streamlining the consolidation process, these forms enable users to save time, enhance data quality, and reduce the risk of incomplete audit trails, ultimately leading to improved decision-making capabilities and increased efficiency in their day-to-day tasks.
Intercompany Input Form Example Here is an example of an Intercompany Elimination Input Form.
Intercompany Elimination Input Form from Solver
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Who Uses This Type of Input Form? The typical users of this type of input form are: Group Controllers and Accountants.
Other Input Forms Often Used in Conjunction with Intercompany Input Forms Progressive Finance & Accounting Departments sometimes use several different Intercompany Input Forms, along with intercompany audit reports, consolidated financial reports and other management and control tools.
Where Does the Data for Analysis Originate From? The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others. In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards? Examples of business software used with the data and ERPs mentioned above are:
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