We have filed discontinued operations and closed one of our companies. This company is has active intercompany mapping. There are no gain/loss on sale as we plan to absorb these through the other entities retained earnings. What is the best process to close out this company/branch?
Closed Company with Intercompany accounts
+12Hi
Our procedure before closing a company/branch is as follows:
+ Clear the company/branch's Cash Accounts balance.
+ Clear the company/branch's Accounts Receivable/Accounts Payable (AR/AP) balance.
+ Clear the company/branch's inventory.
+ Dispose or transfer the company/branch's fixed assets to another company/branch
+ Clear all Deferred Revenue (Revenue & Expense) of the company/branch.
+ Delete Account Mapping related to that company/branch.
Best Regards,
NNT
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