It is against accounting principles to have such practice because of the ownership/control over the assets unless the companies are making up a joint venture. You definitely will need to have separate bank accounts. If needed you can transfer funded between the companies as interco transactions.
You cannot do this in Acumatica (if these companies are in the same tenant). It is also recommended that you setup a separate bank account for each company.
Hello,
I agree with the above posters but will state this another way: If you have one account at the bank, then one bank account should be set up in Acumatica. Consider use of Acumatica inter-company features, to manage one account that pays bills and receives payments for two companies/branches. Please see this related post for additiona information and suggestions that may help you:
Although it can work to use one company’s bank account for processing bills and payments/receipts of other companies and post transactions through interco, as someone who has worked in accounting for 25 years, I definitely advise against it because
1- it will create thousands or millions of unnecessary transactions as you will need to post everything to the company with bank account.
2- will drastically increase data entry errors as users constantly should be mindful of items branch’s and of course extra work.
3- you will face audit issues with IRS (in US) or CRA (in Canada) as you will need to rationalize the cost posted, why the invoices are addressed to different entity …
I can make a long list if disadvantages and issues But I think is pretty obvious. If companies are legally different entities they will need to have their own bank accounts. If they are not separate entities then should have been setup as branch not company.