What is Inter Company Reconciliation?
- 13 Answers
- 110307 Views
- Aditya Birla, Ernst Young, Infosys, TCS, Thomson Reuters, I also Faced
- E-Mail Answers
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.
| Is This Answer Correct ? | 122 Yes | 22 No |
Post New Answer View All Answers
what is excise
My Total CTC is 12500(not gross salary), i am living in Mysore(non-metropoliton city) what will be the take home salary after deduction? thanks in advance.
is there in india the rate of work contract are same in all states if now what are the statewise rate
hi,when i am posting an entry on service tax it is not showing the business area.please guide me how to configure the business area so that the entry also shows the business area.please help as i need to configure it.
what is the significance of business taxation in private company?
what is the proccesor to caculate the firm assement
At present what is the rate of excise duty on sale of Weigh Bridge Machinery to out of state from Karnataka.
how to calculate and submit to the concerned authority of pf,esi,pt. explaine?
How will you calculate house rent allowance (hra)?
If a person purchased goods by paying vat but while selling no vat has been collected and if he is registering his firm under vat need to pay vat after registration?
How do you plan to achieve these goals?
What is the Rate of Service tax for Short term accommodation services & Restaurant Services ?
what is the detail procedure to filling ITR-I,ITR-II AND ITR- 1V V1 IE e-filling procedure
The value of the tax invoice is lesser than the value on the state permit. Is this acceptable.
we have sale material to party and freight paid by us. This freight charged in sale invoice than what is the entry of service tax in this case.
