Multi-Company Account
netFORUM allows you to track inter-company transfers that are needed as a result of cash being received by one business unit when part (or all) of the revenue belongs to a different business unit by adding a Multi-Company Account.
This setup can be done from either business unit. Each business unit (company) needs to have two accounts set up — a 'due from' and a 'due to' for the opposite company. Once this setup has been completed, netFORUM will complete all necessary inter-company transfers automatically during the Batch Closing Process.
Setting Up Multi-Company Accounts
To set up Multi-Company Accounts, complete the following steps:
- Click the Module Menu to view the list of netFORUM modules.
- Click the Accounting link to open the Accounting Overview page of the Accounting module.
- Click the Business Unit link located on the Accounting Overview page.
This will display a full list of all Business Units.
- Click the GoTo icon next to the Business Unit to which you are adding the Multi-Company Accounts.
This will open the Business Unit Profile page for that Business Unit.
- Mouse over the More tab to expand the More flyout menu.
- Click the G/L Accounts option to load the G/L Accounts tab and its associated child forms.
- Expand the multi-company accounts child form.
This child form will display all multi-company accounts that have previously been set up.
- Click the Add icon located on the right side of the multi-company accounts child form.
This will open the Add - Multi-Company Account Setup pop-up window.
In this window you will specify two companies as well as the "money coming in" and "money going out" accounts for both.
- The company 1 drop-down menu defaults to the Business Unit whose profile was being viewed. However, you may expand the company 1 drop-down menu and select a different company if needed.
- Expand the due from company 2 account drop-down menu and select the account where money coming in from company 2 will be credited.
- Expand the due to company 2 account drop-down menu and select the account to be debited for money going out to company 2.
- Expand the company 2 drop-down menu to select the second company to be used in this multi-company account setup process.
- Expand the due from company 1 account drop-down menu and select the account where money coming in from company 1 will be credited.
- Expand the due to company 1 account drop-down menu and select the account to be debited for money going out to company 1.
- Click the Save button.
With this setup complete, netFORUM will complete all necessary inter-company transfers automatically during the Batch Closing Process.
Note: You are not limited to a single company 1 to company 2 Multi-Company Account setup per Business Unit. You may have multiple Multi-Company Account setups per Business Unit if needed.