- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: lets talk journal entries for consolidations
Posted on 9/17/12 at 8:57 am to joejohnson90
Posted on 9/17/12 at 8:57 am to joejohnson90
They eliminate 100%. On the parent: Cr receivable from sub, Debit IC payable on the books of the sub. In real life, we book it as a "reversing entry" so that as soon as we open the ledger for the next period, the entry reverses out and puts the amounts back in the accounts.
Also, the entry can be a little more complicated depending on how the system books intercompany transactions.
Also, the entry can be a little more complicated depending on how the system books intercompany transactions.
Posted on 9/17/12 at 10:02 am to Crbello4Hiceman
quote:
They eliminate 100%. On the parent: Cr receivable from sub, Debit IC payable on the books of the sub. In real life, we book it as a "reversing entry" so that as soon as we open the ledger for the next period, the entry reverses out and puts the amounts back in the accounts.
Also, the entry can be a little more complicated depending on how the system books intercompany transactions.
This.... Just make sure everything washes out... A receivable to the parent company from the sub is a payable for the sub to the parent.
Popular
Back to top
Follow TigerDroppings for LSU Football News