Overview:

Example situations where multiple companies can be used:

• A productive project company with a company that houses all plant and equipment

• A company that provides labour to the project company

• A group of companies that operate in tandem but with separate financials

There is a Control Parameter called Legacy Inter-Company Process which, if set to Yes, GL Journals are generated. if set to No, Invoices are generated. This must be considered when implementing Multiple Financial Companies. This guide does not cover the Legacy mode.

For each Financial Company, an intercompany Job must be created for each of the other Financial Companies, i.e., if there are three companies, each of those should have three Companies under them (including itself) representing the relationships between them, with the appropriate GL links set up in the Inter-Company tab. In other words, each combination of buying and selling between the companies must be accounted for.

An Inter-Co Activity must be set up but does not need a GL code attached to it, just an intercompany Sales Code for AR Invoices and GST coding for AP Invoices.

Screen Guide:

For each financial company that uses intercompany transactions, the Selling to FinCo and Buying From Finco need to be added for the companies they will be doing intercompany transactions between. These companies are used for the AP Invoice and AR Invoice that will be created to represent the intercompany transactions. You will need to set up an intercompany supplier and customer in each financial company for this.

The Inter-Co Job will be the Job that is used for these transactions. It is recommended that you set a new Job up, one for each financial company. 

Open

Below is an example of a plant issue where the plant is in Finco 01 and the Job is in Finco 02. Only the GL transactions from Finco 01 are exported to the financial system:

Open

The other GL transactions are not exported as these will be represented by the AR and AP invoice that are created when you select to create the intercompany transactions on the batch:

An AR invoice is created in the Finco 01:

And an AP invoice is created in Finco 02:

Reminder: If you are using a financial system to import Jobs and companies, set them up there. Remember to have the template company on the Financial Company, as this company is used for any data that Workbench needs that your financial system does not send through to Workbench.

If you have Upvise, tick the "Other" flag on Company Maintenance of the template company, as this is what allows companies to be exported to Upvise. MYOB Advanced import of companies uses the template company, and will then set the new companies to include the "Other" field as ticked.