NetAsset - Auto-Eliminating Intercompany Transfer Setup
Overview
Troubleshooting issues with the auto-eliminating intercompany transfer setup can be complex. This page outlines the most commonly overlooked setup items.
Verify Intercompany Receivable/Payable Accounts
- Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mappings
- Ensure that the relevant asset types have active accounts entered in both the Intercompany Receivable Clearing Account and Intercompany Payable Clearing Account fields:
Verify the Existence of Intercompany Vendors & Customers
A hypothetical intercompany transfer can be initiated to verify whether the intercompany receivable/payable accounts are auto-eliminating.
Step-by-Step Process:
- Navigate to a NetAsset asset record of a type with the relevant intercompany accounts mapped, ensuring the status of the asset is In-Service.
- Click the Transfer button at the top of the asset record.
- On the subsequent Transfer Assets screen, select a different subsidiary in the Subsidiaryfield as if performing an intercompany transfer. \
- After this, the Intercompany Receivable and Intercompany Payable accounts should be pre-filled. If the accounts are set to auto-eliminate, the Auto-Eliminating AR and/or Auto-Eliminating AP checkboxes will be selected accordingly:
- After this, the Intercompany Receivable and Intercompany Payable accounts should be pre-filled. If the accounts are set to auto-eliminate, the Auto-Eliminating AR and/or Auto-Eliminating AP checkboxes will be selected accordingly:
- If the accounts are auto-eliminating, intercompany vendors and intercompany customers must be set up to facilitate the transfer.
- Valid options for intercompany vendors and intercompany customers will appear in the Intercompany Vendor and Intercompany Customers fields on the Transfer Assets page. If these fields do not display options, follow the steps below to create the required intercompany customers and vendors:
- Navigate to Setup > Company > Enable Features and check the Multi Subsidiary Customer option in the ERP General section of the Company subtab. Then, click Save:
- Navigate to Setup > Company > Enable Features and check the Multi Subsidiary Customer option in the ERP General section of the Company subtab. Then, click Save:
- Navigate to Setup > Accounting > Intercompany Preferences, check the Automatically Generate Representing Entities checkbox under the Representing Entities subtab, and then click Save:
- This is the most efficient method for maintaining a complete list of intercompany entities. Once processing is complete, return to the transfer page to initiate the transfer. The intercompany customers and vendors should now be pre-filled.
- Valid options for intercompany vendors and intercompany customers will appear in the Intercompany Vendor and Intercompany Customers fields on the Transfer Assets page. If these fields do not display options, follow the steps below to create the required intercompany customers and vendors:
Verify Intercompany Vendors and Customers Have the Correct Subsidiaries
Even if intercompany vendors and customers are already set up, incorrect vendor or customer relationships may still be selected during the transfer process.
Verify that the selected intercompany Vendor and Customer records have the following subsidiary configuration:
Intercompany Vendor Setup:
- The Primary Subsidiary field should be set to the Subsidiary being transferred to.
- If the transfer-to subsidiary is not the Vendor’s primary subsidiary, ensure it is listed under the Subsidiaries subtab on the vendor record.
- The Represents Subsidiary field should be set to the Subsidiary being transferred from.
Intercompany Customer Setup:
- The Primary Subsidiary field should be set to the Subsidiary being transferred from.
- If the transfer-from subsidiary is not the Customer’s primary subsidiary, ensure it is listed under the Subsidiaries subtab on the customer record.
- The Represents Subsidiary field should be set to the Subsidiary being transferred to.
Verify Intercompany Vendors and Customers Have the Correct Currencies
If representing entities are not being auto-generated, verify that each representing entity is able to transact in the base currency of the subsidiary it represents.