Receiving Company Post-Processing Use the screen under Receiving Company Post-Processing to create elimination entries after importing consolidation data. Related Topics:Create Elimination Entries Use this screen to create elimination entries for the consolidating (receiving) company. Elimination entries are journal entries that eliminate duplicate revenue, expenses, receivables, and payables. These duplications occur as the result of intercompany work for which the sending and receiving companies both recognize the same effort. Both entities correctly recognize the revenue, expenses, receivables, and payables on their respective company financial statements but, at the consolidated level, these amounts are duplicates and must be eliminated. Elimination journal entries are calculated on a year-to-date basis and are reversing. This means that elimination entries created in the final period of the fiscal year are reversed in the first period of the next fiscal year. Parent Topic: Consolidations Processing HomeAccountingConsolidationsConsolidations ProcessingReceiving Company Post-Processing
Receiving Company Post-Processing Use the screen under Receiving Company Post-Processing to create elimination entries after importing consolidation data. Related Topics:Create Elimination Entries Use this screen to create elimination entries for the consolidating (receiving) company. Elimination entries are journal entries that eliminate duplicate revenue, expenses, receivables, and payables. These duplications occur as the result of intercompany work for which the sending and receiving companies both recognize the same effort. Both entities correctly recognize the revenue, expenses, receivables, and payables on their respective company financial statements but, at the consolidated level, these amounts are duplicates and must be eliminated. Elimination journal entries are calculated on a year-to-date basis and are reversing. This means that elimination entries created in the final period of the fiscal year are reversed in the first period of the next fiscal year. Parent Topic: Consolidations Processing HomeAccountingConsolidationsConsolidations ProcessingReceiving Company Post-Processing