Select the Default Company and Intercompany Accounts

When you set up Organization Reporting, you must identify default company accounts and intercompany accounts in the Company Settings part of Accounting Configuration.

You must specify:

• Default company accounts for accounts receivable, current year profit and loss, and prior years' retained earnings

• Intercompany accounts for accounts receivable, accounts payable, suspense, and direct and indirect foreign employee type labor posting accounts. You may also need to select intercompany labor and expense revenue accounts and an intercompany cash-basis suspense account.

To select company and intercompany accounts, complete the following steps:

1. Select the active company that you want.
2. From the Vision Navigation menu, select Configuration > Accounting > Company Settings.
3. Click the Accounts tab.
4. In the Company Accounts section, select accounts for accounts receivable, current year profit and loss, and prior years retained earnings.

   These accounts will serve as your default company accounts.

5. In the Intercompany Accounts section, select accounts for accounts receivable, accounts payable, suspense, direct and indirect foreign employee type labor posting accounts.

   You may also need to select intercompany labor and expense revenue accounts and an intercompany cash-basis suspense account.