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Net income in balance sheet vs P&L - elimination column

  • 1 February 2022
  • 2 replies
  • 229 views
C
Rank

Hello,

 

My Consolidated P&L report is eliminated but the consolidated net income under my balance sheet does not match with consolidated income statement.

 

The net income figure that the balance sheet report pulls is a combination of parent and subsidiary without the elimination of interco transactions. It is drawn from the account class NETINCOME from respective entity. 

 

I need help on how to make them tie under the report definition.

 

Thank you in advance.

 

Thank you.

 

Regards,

Cherlene

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Best answer by vkumar 2 February 2022, 05:28

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2 replies

J
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Userlevel 5
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Hi @cherlene 

Intercompany transactions are in what GL accounts and in what account class ? You can move them to separate account class if you prefer to exclude from an existing account class. 

Regards,

 

Wondering the same thing - are you suggesting interco revenue & interco expense changes account classes? How would this change the fact that they are income & expense account types which would still feed into the Net Income / Current Earnings calculation?

V
Rank
Userlevel 7
Badge +11

Hi @cherlene 

Intercompany transactions are in what GL accounts and in what account class ? You can move them to separate account class if you prefer to exclude from an existing account class. 

Regards,

 

VijayKumarU

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