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When you have marked the desired entries in the Intercompany Invoicing tab, select this action to execute the intercompany invoicing. When you select the action, Maconomy creates an invoice or credit memo for each responsible company occurring on the lines marked for invoicing, summarizing on each invoice the entries pertaining to the responsible company in question.
An invoice or credit memo pertaining to the responsible company in question is created and printed, containing one line for each combination of item tax code, invoice tax code, and vendor invoice tax code occurring on the lines pertaining to the company. The amount on each of these lines corresponds to the sum of the amounts on the lines with the tax combination in question. If the sum of amounts on the selected entries pertaining to the responsible company is 0 or more, an invoice is created. If the sum is negative, a credit memo is created. The invoice or credit memo is stored in a regular invoice journal which is ready for posting (and will be posted automatically if the system parameter “Automatic posting of invoices” has been marked). The customer on the invoice or credit memo is the intercompany settling customer specified in the information card of the responsible company.
At the same time, a vendor invoice or credit memo on which the vendor is the intercompany settling vendor specified in the information card of the executing company is created. Maconomy automatically creates and approves an allocation line for each corresponding line on the invoice created earlier in the process. The vendor invoice or credit memo is stored in an intercompany settling vendor invoice journal in the responsible company which is ready for posting (which will be posted automatically if the system parameter “Automatic posting of Intercompany Vendor Invoices” has been marked). It is not possible to change the vendor invoice or credit memo.
When the invoices or credit memos are posted, Maconomy creates the regular A/P, A/R, and G/L entries pertaining to normal invoices/credit memos and vendor invoices/credit memos, including entries to, for example, the account for item sales and the A/P and A/R control accounts. Furthermore, when the invoice or credit memo is posted, Maconomy creates (for each intercompany entry being invoiced or credited) an entry to the intercompany account indicated in the field “Account No., Executing” to set off the original intercompany balancing entry in the executing company. Similarly, when the vendor invoice or credit memo is posted, Maconomy creates an entry to the intercompany account indicated in the field “Account No., Responsible.”
On the entries posted to the intercompany accounts, the amounts in enterprise currency and invoice currency (the currency of the customer on the invoice) are calculated from the amount in base currency on the intercompany entries in question. If the exchange rates have changed since the posting of the original registrations that caused the creation of the intercompany entries being invoiced, this can lead to exchange rate variances in the enterprise and invoice currencies. Maconomy handles this by automatically creating the necessary exchange rate variance entries in the G/L system. When the invoice is posted, any variance between the amount in enterprise currency on the original entries and the entries created as a result of the invoicing, respectively, is posted to the account for Customer Balancing Exchange Rate Gain. The company on this entry will be the executing company. When the vendor invoice or credit memo is posted, any variance between the amounts in base currency is posted to the account for intercompany settling exchange rate variances, while any variance between the amount in enterprise currency on the original registrations and the entry created as a result of the invoicing, respectively, is posted to the account for Vendor Balancing Exchange Rate Variance. The company on these entries will be the responsible company.
Finally, all of these entries, along with the original intercompany balancing entries assigned to the intercompany entries being invoiced or credited, are reconciled against each other.
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