Business leaders need to be ready for change that is happening within the company. Many organizations consist of more than one company, and these companies often engage in various intercompany transactions. It’s important for an organization to be able to track these transactions with ease.
From payment of dividends, purchase and sale of assets to any borrowing and lending, intercompany transactions provides information on all transactions that have occurred between your company and your group entities.
With Dynamics 365 Business Central you are in full control of all transaction documents.
There are four main benefits to the Intercompany functionality:
- Increased productivity as a result of time saved and simplified transactions
- Minimized error potential with one-time entry of information and system-wide, automated updates
- Complete audit trail and full visibility into business activities and transaction histories
- Efficient, cost-effective transactions with affiliate and subsidiary companies
With the help of Dynamics 365 Business Central, it’s easy to track intercompany transactions. Business Central allows you to increase productivity by simplifying transactions, all while minimizing potential errors by eliminating the need for multiple line item entry.
Why are inter-company transactions important for business today?
Intercompany functionality in Business Central lets you do business with your subsidiary and internal partner organizations in the same way as you engage with your external vendors and customers.
Business Central enables you to record and track vendors and customers as so-called intercompany partners, and set up an intercompany chart of accounts. The Intercompany functionality creates general journal lines that result in the balancing of the books of both companies involved in a transaction. The Intercompany functionality allows intercompany transactions between multiple databases, for example, in different countries/regions, as well as multiple currencies, different charts of accounts, different dimensions, and different item numbering.
Want to learn about Dynamics 365 Business Central Finance functionality? Contact Square International Consulting Dubai.
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