What is Inter Company Reconciliation?
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Answer Posted / vivek dubey
Intercommany Reconciliation is done for the paurchase or
sale of goods/services between two legal entities of a
parent company.
Reconciliation is done to find out the difference of amount
posted in the books of both legal entities.
For example: B ltd (France) and C ltd (America) are two
legal entities of a parent company XYZ ltd.
Now, B sold good to C for $1,000.00 and recorded the entry
in their book. However, C ltd when recieved the goods,
recorded the transaction for $960.00 only because of change
in currency.
While doing reconciliation it was found that there is a
difference of $40.00, so the system would record it as
adjustment entry for $40.00 to balance the ledger.
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