Intercompany Journal Entry
An intercompany journal entry is a financial transaction recorded between two or more entities within the same corporate group or organization.
What is Intercompany Journal Entry?
An intercompany journal entry is a financial transaction recorded between two or more entities within the same corporate group or organization. These transactions occur when different subsidiaries, divisions, or departments of a company engage in financial activities with each other. Intercompany transactions can involve the exchange of goods, services, or funds, and they are typically recorded for accounting and reporting purposes.
Intercompany journal entries are used to reflect the transfer of assets, liabilities, revenues, expenses, or equity between related entities within the same corporate structure. Within NetSuite, intercompany journal entry is possible through a native SuiteApp like Journal Generator by Zone.
