Finlyte IC Allocate

Shared Vendor Bill for Multi-Subsidiary Companies

This product is designed for companies with multiple subsidiaries that must allocate expenses from one company to other companies from a Vendor Bill or a Vendor Credit memo while keeping the intercompany activity correct.

Key Benefits

Create Intercompany Journal Entries from a Vendor Bill and/or a Vendor Credit in two seamless transactions. 

Pre-requisites

Finlyte IC Allocate uses standard NetSuite automated intercompany functionality.  You must set up NetSuite’s Intercompany Framework and Automated Intercompany Management for Finlyte's IC Allocate to work in your NetSuite environment.  Please refer to your NetSuite documentation on how to set up the Intercompany Framework and Automated Intercompany Management features.

Allocate Expenses to other Subsidiaries from a Vendor Bill

Enter the Destination Subsidiary, Account number, amount, Department, Class, or any accounting classification you have enabled for each line.  Be sure and distribute the bill to the correct destination subsidiary. You can also use the Expenses and Items > Items tab to distribute the transaction amounts. Finlyte's IC Allocate currently works with any type of non-inventoried items, Other Charge items or Service items in NetSuite.

Create the Intercompany JE from Vendor Bill

Click on the “Create Intercompany JE” button.  This will open the Intercompany Journal Entry Window.  Allow time for the transaction to load. To complete the transaction, you will need to click on the auto balance button outlined in red below.  This will populate the intercompany do to and due from entries, along with corresponding intercompany customers, vendors, and the elimination checkboxes for consolidated financial reporting. 

Manage Shared Vendor Bills from Reminders

Finlyte's IC Allocate comes with a saved search reminder that you can add to your home page to help manage the creation of intercompany journal entries from vendor bills and vendor credits.

Enter Vendor Credits with Intercompany Distributions

You can create the Vendor Credit transaction directly from the vendor bill being credited.  You can also create the Intercompany JE from a Vendor Credit Memo.

Import Shared Vendor Bills using a Template

As part of this solution, Finlyte will provide a standard import for Finlyte IC Allocate that you can use as a template and create a custom import specific to your company's needs.