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How to process an Intercompany Bank Transfer in Sage X3

How to process an Intercompany Bank Transfer in Sage X3

If you are managing more than one company in Sage X3 there may be times when you may need to transfer funds between bank accounts that belong to different companies. The following setup and steps will explain how to do this.

Setup – Intercompany Account mapping

  • Go to Common Data > G/L accounting tables > General > Intercompany account mapping
    • Source Company
      • Select the source Company ID which the transaction will originate from.
    • Target Company
      • Select the destination Company ID that will receive the funds.
  • Select the GL accounts for the source and target companies. These accounts do not have to be the same

    bank transfer post- select source and target accts

Process – Create an Intercompany Bank transfer GL journal entry

  • Go to Financials > Journals > Intercompany Journal entry
  • Create the Intercompany GL Journal entry. In this example we are crediting the source site NA011 $1000.00 from Cash account 10100 and debiting the NA021 destination site for the $1000 to the 10110 Cash account.
  • Click Post.

    bank transfer post- click post
  • Click Yes to the Question

    bank transfer post- click yes
  • Review the Log and note the 2 GL journal entries created

    bank transfer post- review log
  • Review the source GL journal entry in Financials > Journals> Journal Entry

    bank transfer post- review sourcebank transfer post- review source2
  • Review the destination GL journal entry in Financials > Journals> Journal Entry

    bank transfer post- review destinationbank transfer post- review destination2
  • These entries will display in the appropriate bank statement reconciliations for each company/site.

 

Tagged With: Sage X3, How-To
LeeAnn Segan

Written by LeeAnn Segan

LeeAnn Segan is an ERP Support Specialist with RKL eSolutions LLP. She supports Sage 500 ERP and Sage X3. LeeAnn specializes in the financial and distribution modules. Her background includes managing distribution and warehousing for ecommerce based companies. When not working, LeeAnn enjoys working out, volunteering with groups that support special needs, and spending time at the beach with family and friends.

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