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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:

  1. Click the Module Menu to view the list of netFORUM modules.
  2. Click the Accounting link to open the Accounting Overview page of the Accounting module.
  3. Click the Business Unit link located on the Accounting Overview page.

    This will display a full list of all Business Units.

  4. 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.

  5. Mouse over the More tab to expand the More flyout menu.
  6. Click the G/L Accounts option to load the G/L Accounts tab and its associated child forms.
  7. Expand the multi-company accounts child form.

    This child form will display all multi-company accounts that have previously been set up.

  8. 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.

  9. 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.
  10. Expand the due from company 2 account drop-down menu and select the account where money coming in from company 2 will be credited.
  11. Expand the due to company 2 account drop-down menu and select the account to be debited for money going out to company 2.
  12. Expand the company 2 drop-down menu to select the second company to be used in this multi-company account setup process.
  13. Expand the due from company 1 account drop-down menu and select the account where money coming in from company 1 will be credited.
  14. Expand the due to company 1 account drop-down menu and select the account to be debited for money going out to company 1.
  15. 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.