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re: lets talk journal entries for consolidations
Posted on 9/17/12 at 10:02 am to Crbello4Hiceman
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.
1
Posted on 9/17/12 at 10:51 am to Corn Dawg Nation
quote:
Just make sure everything washes out
yep....in the consolidated financials there is no A/P or A/R reported as the consolidated entity has no technical liability or asset since the payable & receivable fall under one big reporting umbrella.
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