February 27, 2024 – New release: Intercompany Module with counterparties

Why is this beneficial for me?

The new intercompany module is beneficial for you who already work with intercompany on account level. Now, Konsolidator considers counterparty information when doing the automated intercompany and will therefore eliminate it at the correct group level. Before, the automatic elimination was always attempted at the lowest level for all IC amounts. Furthermore, the new Intercompany Module provides an overview. So if you have dedicated accounts for intercompany eliminations and elimination types sat up, you can follow the eliminations on all consolidation levels and easily reconcile and identify deviations in your intercompany.

What can I do with the new Intercompany Module?

The new intercompany module makes it easier for you to do intercompany elimination at the correct consolidation level, as you get:

• Easy overview and error identification with the new in-app intercompany reconciliation overview
• Match and eliminate intercompany transactions at the correct consolidation levels

With the new module, we have also added new User Interface features, such as

• Splitting the journal module so that “JOURNALS” now only contains the journals done at the company level (AJE and RJE), and all eliminations (Intercompany and other eliminations) now have their own menu item directly below called “Eliminations”.
• Moving elimination types to their own menu item as a sub-item under “ELIMINATIONS”
• Allowing a unique tolerance level and tolerance account per elimination type separate from the general tolerance.

Is the new intercompany module relevant for me?

The short answer is yes, the module is relevant for everyone, but only some currently have the data. Read the article: Best Practice here, which outlines the four different data scenarios.

It is essential to mention that besides moving Elimination Journals Adjustments, nothing will change from how you currently do intercompany elimination.

Where can I find it?

You will now find all your Elimination Journal Entries (EJE) and the new intercompany overview in their menu item, "Eliminations," right under "Journals."