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Intercompany Reconciliation

Intercompany Reconciliation is the process in which associated companies consolidates all the general ledgers of its subsidiaries to eliminate intercompany flows. Imagine there is a parent company that has extended its business and now has two subsidiaries. An example of this is Facebook is the parent company and Instagram and Whatsapp are the subsidiaries. If transaction made between Instagram and Whatsapp, there is a need for reconciliation of data so it neither shows as revenue or cost for the company and no un-posted and wrongly booked transactions should be there. The intercompany reconciliation reduces the chances of inaccuracies in the company’s financial statements since the money is simply moving around not spent or gained. So when they’ll create the consolidated financial statements at the end of the financial year, there will be no issues because the balance of both accounts will match. #reconciliation #intercompany #intercompanyreconciliation #associatedcompanies #accounting #bookkeeping Connect with us. YouTube channel -    / knowledgein.  . Instagram:-   / knowledgein.  . Facebook:-   / knowledgeint.  .