Using the Intercompany Transaction feature Further development of this new feature continues, so be on the lookout for additional advancements in this functionality in future maintenance releases. With this new QuickBooks Enterprise feature, users will be able to bill each of the subsidiaries equitable shares of such transactions. This feature will be especially beneficial for holding companies with multiple subsidiaries, where perhaps they handle the majority of the significant accounts payable transactions, and then typically internally bills each of the subsidiaries a representative portion of those costs.Ī good example would be either mortgage payments or rent for headquarter buildings where the holding company and all subsidiaries are located. Now, Enterprise Platinum, Diamond and Accountant subscribers within the US (as of v23.0 R1) will be able to create relationships between multiple QuickBooks Company files, make intercompany transactions (bills/checks) with the Related Companies and keep track of all intercompany transactions. As a result, companies often rely on third-party software to comprehensively view the financial health and consolidated financial reports. The ability to aggregate multiple QuickBooks companies to gain a complete view of the financial status is difficult at best. Accountants and bookkeepers struggle to ensure that transactions are correctly recorded to guarantee the accuracy of the primary company’s books. This meant significant duplication of work and often resulted in errors arising from mistaken information entry.ĭuplicate entries compound the complexity of multi-faceted company record-keeping. Until now, businesses with multiple related companies have needed to manually create the same transaction in multiple QuickBooks company files to record intercompany financial activities correctly. Tomorrow we will be publishing Murph's annual "Favorite Newbies" article, where he tells you which new Desktop features are his favorites and why. This is the tenth (and final) in our series of individual product articles intended to provide additional content to what can be found in our QuickBooks Desktop 2023 Product Summary. ![]() Murph has been evaluating various pre-release versions of these products for almost a year, spending hours communicating with Intuit personnel so we can help you learn about the new products. Editor's Note: Intuit recently released its QuickBooks Desktop 2023 line-up.
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