Actions

This section shows the actions available in the Open Entry Intercompany Account Statement workspace.

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Field	Description
Calculate Interest	Using this action, you can calculate interest for the non-invoiced, open intercompany entries between two companies. When you select the action, Maconomy will calculate interest for the intercompany entries between the two companies specified in the Open Entry Intercompany Account Statement tab. The interest calculation only takes place for open, non-invoiced intercompany entries whose date for interest calculation is earlier than or equal to the date specified in the field “Interest Date” in the Open Entry Intercompany Account Statement tab. An entry’s date for interest calculation depends on whether interest has previously been calculated for the entry in question. If it has, the date for interest calculation is equal to the interest date on the entry. If interest has not previously been calculated for the entry, the date for interest calculation is equal to the entry date. Note that the system parameter Use Enterprise Currency in Intercompany Interest Calculation and Grouping determines if the grouping is based on the original or the enterprise currency. For each of the companies, interest is calculated according to the interest charge/reminder principle of the customer specified as intercompany settling customer in the information card of the company in question. This means that for each entry, Maconomy looks up the intercompany settling customer of the company which owes the amount. In the information card of the intercompany settling customer is a reference to an interest charge/reminder principle, which will then be used in the calculation of interest for the company in question. Interest is calculated individually for the intercompany entries meeting the above-described criteria. The method in which interest is calculated for each entry depends on the setup of the interest charge/reminder principle used. For instance, a field on the interest charge/reminder principle determines whether entries created as a result of previous interest calculations should also be included in subsequent interest calculations. Therefore, for a description of the interest calculation method, see the description of the Interest Charge Selection and Interest Charge/Reminder Principles windows in the A/R module. After an interest amount has been calculated for each entry, Maconomy calculates the difference between the total interest amount calculated for each of the companies and creates a single intercompany entry for the difference. This means that if USD 100 has been calculated for company A, and USD 70 has been calculated for company B, an intercompany entry for the amount of -30 is created with company A as executing company and company B as responsible company. The new entry is posted in an intercompany interest note journal. Furthermore, the amount is posted to the relevant interest earnings, interest expense, and intercompany accounts in the general ledger. After the interest charge calculation, Maconomy prints an interest charge notice.
Group Entries	Using this action, you can reduce the number of open, noninvoiced intercompany entries between two companies. When you select the action, Maconomy will group similar entries between the two companies specified in the Open Entry Intercompany Account Statement tab into one entry for the total amount of the grouped entries. The grouping only takes place for open, non-invoiced intercompany entries whose grouping date is earlier than or equal to the date specified in the field “Grouping Date” in the Open Entry Intercompany Account Statement tab. The grouping date of an entry depends on whether interest has been calculated for the entry in question. If it has, the grouping date of the entry is equal to the interest date on the entry. If interest has not been calculated for the entry, the grouping date is equal to the entry date. After the entries matching the above criteria have been identified, Maconomy creates a number of groups. Each group will consist of the entries where the following information is identical: Intercompany type Date (entry date or interest date as described above) Item Tax Code Tax code on the invoice on which the intercompany entry was based Tax code on the vendor invoice on which the intercompany entry was based For each group, Maconomy creates an intercompany entry on which the amount corresponds to the net balance of the intercompany entries in the group. An offset intercompany entry is also created, along with corresponding G/L entries. The new intercompany entries are created in an intercompany grouping journal which is posted automatically. Finally, the intercompany entries which were grouped are closed, along with their respective G/L entries. The new intercompany entries and their respective G/L entries remain open and can therefore be invoiced in the Intercompany Invoicing workspace.

Field

Description

Calculate Interest

Using this action, you can calculate interest for the non-invoiced, open intercompany entries between two companies.

When you select the action, Maconomy will calculate interest for the intercompany entries between the two companies specified in the Open Entry Intercompany Account Statement tab. The interest calculation only takes place for open, non-invoiced intercompany entries whose date for interest calculation is earlier than or equal to the date specified in the field “Interest Date” in the Open Entry Intercompany Account Statement tab. An entry’s date for interest calculation depends on whether interest has previously been calculated for the entry in question. If it has, the date for interest calculation is equal to the interest date on the entry. If interest has not previously been calculated for the entry, the date for interest calculation is equal to the entry date.

Note that the system parameter Use Enterprise Currency in Intercompany Interest Calculation and Grouping determines if the grouping is based on the original or the enterprise currency.

For each of the companies, interest is calculated according to the interest charge/reminder principle of the customer specified as intercompany settling customer in the information card of the company in question. This means that for each entry, Maconomy looks up the intercompany settling customer of the company which owes the amount. In the information card of the intercompany settling customer is a reference to an interest charge/reminder principle, which will then be used in the calculation of interest for the company in question.

Interest is calculated individually for the intercompany entries meeting the above-described criteria. The method in which interest is calculated for each entry depends on the setup of the interest charge/reminder principle used. For instance, a field on the interest charge/reminder principle determines whether entries created as a result of previous interest calculations should also be included in subsequent interest calculations. Therefore, for a description of the interest calculation method, see the description of the Interest Charge Selection and Interest Charge/Reminder Principles windows in the A/R module.

After an interest amount has been calculated for each entry, Maconomy calculates the difference between the total interest amount calculated for each of the companies and creates a single intercompany entry for the difference. This means that if USD 100 has been calculated for company A, and USD 70 has been calculated for company B, an intercompany entry for the amount of -30 is created with company A as executing company and company B as responsible company. The new entry is posted in an intercompany interest note journal.

Furthermore, the amount is posted to the relevant interest earnings, interest expense, and intercompany accounts in the general ledger.

After the interest charge calculation, Maconomy prints an interest charge notice.

Group Entries

Using this action, you can reduce the number of open, noninvoiced intercompany entries between two companies.

When you select the action, Maconomy will group similar entries between the two companies specified in the Open Entry Intercompany Account Statement tab into one entry for the total amount of the grouped entries. The grouping only takes place for open, non-invoiced intercompany entries whose grouping date is earlier than or equal to the date specified in the field “Grouping Date” in the Open Entry Intercompany Account Statement tab. The grouping date of an entry depends on whether interest has been calculated for the entry in question. If it has, the grouping date of the entry is equal to the interest date on the entry. If interest has not been calculated for the entry, the grouping date is equal to the entry date.

After the entries matching the above criteria have been identified, Maconomy creates a number of groups. Each group will consist of the entries where the following information is identical:

Intercompany type
Date (entry date or interest date as described above)
Item Tax Code
Tax code on the invoice on which the intercompany entry was based
Tax code on the vendor invoice on which the intercompany entry was based

For each group, Maconomy creates an intercompany entry on which the amount corresponds to the net balance of the intercompany entries in the group. An offset intercompany entry is also created, along with corresponding G/L entries. The new intercompany entries are created in an intercompany grouping journal which is posted automatically.

Finally, the intercompany entries which were grouped are closed, along with their respective G/L entries. The new intercompany entries and their respective G/L entries remain open and can therefore be invoiced in the Intercompany Invoicing workspace.

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