Interco (aka Intercompany)

Interco(s) are typically related to Legal Entities within Iplicit but can also be created independently within Iplicit to reflect Interco balances for Legal Entity transactions stored in another Finance system or even offline.
Interco balances reflect the balances between all Interco(s)
- Where the balance is to an external Interco, this will be distinguished clearly.

Interco setup

Setup the Legal Entity to be used as an Interco.
Create External Interco(s)
Setup the Interco Legal Entity(s) to be able to process Interco documents between each other.
Setup Bank Account(s) to be used for Interco Cashbook movements.
Setup Bank Account allowed transfer(s) to identify allowed cashbook transfers between specific Bank Accounts.
Setup Chart of Account(s) to be used for Interco postings.
Setup Interco Chart of Account(s) to be related to Interco Chart of Account rule(s).
Setup Account default(s) for the use of Interco postings.
Setup Document type(s) to be available for Interco movements.
Setup default Interco Supplier and Customer Contact Groups in Environment settings.
Setup Interco Tax Automation if you want to post Interco Tax journals for Tax Groups which pay a Tax liability on behalf of another Legal Entity.
Setup Interco Sale invoice automation if you want to automatically post Interco Purchase to Sale Invoices.
Setup Interco Purchase invoice automation if you want to automatically post Interco Sale to Purchase Invoices.

Interco Cashbook transfers: These are cashbook transfers between Bank Accounts of one Legal Entity to another.
Interco Sale invoices: Interco Sale invoices which would have a corresponding Interco Purchase invoice.
Interco Purchase invoices: Interco Purchase invoices which would have a corresponding Interco Sale invoice.
Multi-company purchase invoice: This is an invoice from a Supplier (not Interco) who is invoicing for goods/ services across multiple Legal Entities (e.g. Contractor providing services to multiple Academies within a Trust) - coming soon
Interco Tax: Interco Manual Journals which reflect Tax liability payments made by one Legal Entity (via Tax Group) on behalf of one or more other Legal Entity(s).
Interco Manual journals: Interco manuals journal to reflect Interco adjustment(s).
Interco loans: Interco manual journals to reflect loans between Intercos.
Interco receipts: Coming soon.
Interco payments: Coming soon.
Interco batch payments: Coming soon.

If the Interco later becomes a Legal Entity, a new Legal Entity needs to be created in iplicit, the balances moved over and then this Interco Entity locked.