For users with multiple companies the system will setup inter-company transfer accounts automatically. These accounts are set by the system solely to account for money transfers between companies.
example
Company XYZ transfers money from its bank account to company ABC’s bank account. The system will create an account 2520 “Inter-company Transfers ABC” for company ABC and sub-account 2520.01 “Transfers – XYZ” for company ABC. The system will also create an account 2510 “Inter-company Transfers XYZ” for company XYZ and sub-account 2510.01 “Transfers – ABC” for company XYZ. The type of accounts will be set as Current Asset.
Please see below how these accounts would look for company ABC:
- 2520 Inter-company Transfers ABC
- 2520.01 Transfers XYZ
- 2520.02 Transfers Sunny Petroleum
- 2520.03 Transfers AAA Oil
You can set up account numbers manually in the Chart of Accounts form.
