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Intercompany payments can be configured, with the following capabilities.
- Time Charter In (TC In) and Time Charter Out (TC Out) contracts can be made against another internal company, and internal payments are created to settle the books.
- An internal company can pay invoices on behalf of another internal company, with IMOS settling the books.
- TC Rebilling can be done between a TC In and a TC Out contract for the same vessel.
- Journal Entries can be posted between different companies, using the intercompany account.
Setting Up Intercompany Payments
To set up intercompany payments, follow these steps:
- In the Chart of Accounts, enter the new Account Codes to be used for intercompany payments, with a Y in the I/C (intercompany) column.
- In Account Periods, enter the account number for the default intercompany account to use.
- In the Address Book, enter an internal company as owner, type = O (or charterer, type = C), and select the Internal check box.
- Open the Address Book record of a company whose payments are taken care of by another company, and add the other company as the Payment Company.
When TC In Payments/TC Out Bills are posted against internal owners/charterers, the internal payment is automatically created against the default intercompany account.
When a company has a Payment Company set in the Address Book, the payment/receipt form defaults to the Payment Company. The intercompany account is used as the credit account, and a Journal Entry is automatically created for the Payment Company to transfer the amount from the intercompany account to the bank account.
The Transaction Data Entry form has an I/C (intercompany) column for the line items.
Creating a Journal Entry
When you post a transaction with a value in the I/C column, a message asks if you want to create a Journal Entry for the transaction. To do this, there must be an I/C account set up for both companies. The Journal Entry is created in the following format:
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