1. Maintain and Reconcile Intercompany Transactions
Beth Yates
Customer Success Team Lead,
Team 2

2. Purpose
The purpose of this class is to facilitate entries across multiple companies eliminating the need for duplication of efforts. Provides a method for efficient reconciliation of intercompany transactions.

3. WolfePak’s Multi-Company Module
Make invoice entries from the parent company to multiple other companies
Scanning? Send scans attached to multi-company invoices also
Select how you want to see the invoice and payment
Duplicate Checking
Save time! More Efficient!
Available for General Ledger Standard Entries, Deposit Entry, and Purchase Order also!

4. WolfePak Multi-Company (cont.)
Risks:
Intercompany entries are not made
Intercompany entries are made incorrectly
Out of balance intercompany accounts
Payments made from the wrong company

5. Set up Setup is the same across all companies
Intercompany Account and Sub-table
Sub-Accounts for each company (5 Character Company Code)
AP Company Options/ Multi-Company Options tab

6. Setup (cont.)
Tell WolfePak how you want to record the AP invoice entry
Entire Invoice is paid by one company-Split Invoice by Amount is set to No
Invoice is split and paid by the company(s) that the invoice is expensed to -Split Invoice by Amount is set to Yes.
Split Invoice paid by first company expensed to-Split Invoice Amount is set to First Coded Company. This is a rarely used option.

7. Enter Those Invoices!
AP Invoice Entry has a new column for you to code the company
Use in Enter Checks and Drafts if needed
Enter and update as normal

8. Entries

9. Write Those Checks! Entire invoice paid by one Company:
write checks as normal
Split Invoice Option:
Multi-Company Check Writing Options
Open Item Report
Write Checks

10. Multi-Company Open Item Report
Select the companies to run the open item report for.
Select how you wish to view the report:
By due date
Display all invoices
Only marked invoices

11. Multi-Company Open Item Report

12. Multi-Company Write Checks
Select which companies to write checks for.
Select how you wish to pay the checks:
Pay by Due Date
Pay All Invoices
Pay Only Marked Invoices
Print checks and review!!

13. Reconcile Intercompany Accounts
Available when using option: Entire Invoice Paid by one Company

14. Multi-Company General Ledger and Standard Entries
Need to send GL entries to multiple companies?
GL has a column to code the company where those entries need to go.
Select the company where the debits/credits will post.
Send those GL standard entries to multiple companies upon posting.
Verification will be performed for decks, AFE’s, and #Allocations in the “To” company.

15. Multi-Company GL Entries

16. Multi-Company Standard Entries

17. Multi-Company Deposit Entry
Enter receipts into a parent company
Record the AR/Income into another company(s)
Entries sent to other company(s) flow over as unposted in the GL module. Go post those entries!!
Use the Reconcile Interco Accounts report to reconcile between companies. Run from the parent company.

18. Setup
Setup is the same as Multi-Company AP except for the account. The account should be an asset type account to offset to.

19. Deposit Entry Company Maintenance

20. Entries
Entries in BETH1

21. Entries
Entries in BETH3

22. Reconcile Intercompany Accounts

23. Conclusion
If you are in the situation where you are making entries across multiple companies, take advantage of WolfePak’s Multi-Company Options to help mitigate the risk of human error and to save time!

24. Questions