1. Introduction
Finstack offers three methods for intercompany elimination, however sometimes it is hard to make them fully reconcile because of historic discrepancies in accounting. If this would be the case, you can apply a correction by creating manual intercompany entries directly in Finstack without the need to update your ERP records.
Ideal for closing the gap when source data is incomplete, helping you reconcile discrepancies and adjust historic records.
You can create manual intercompany entries directly in Finstack to correct or supplement data for intercompany eliminations—without altering your ERP records. Ideal for closing the gap when source data is incomplete, helping you reconcile discrepancies, and adjust historic records.
2. Step-by-Step Guide: Manual intercompany entry
Go to Finance → Intercompany → Eliminations to view the current state of intercompany eliminations.
Click Manual IC Entry (top-right) to open a new form.
Fill Out the IC Elimination Form
Entity: Choose the entity you want to correct or adjust.
Entry Date: Specify the posting date for this adjustment.
Add the Elimination Entries
Account / Account Description: Select the GLA (General Ledger Account) you need to adjust.
Transaction Description: Provide a brief explanation (e.g., “Historic correction,” “Manual offset”).
Counter Entity (required): select which counter entity this GLA pairs with
Debit / Credit: Use the Debit side to eliminate IC revenue or assets and the credit side to eliminate IC costs or liabilities. Finstack will automatically post the same amount on the [IC difference] GLA to balance the entry.
Add more lines if needed: Click Add transaction to enter multiple lines.
Save Your Manual IC Entry
Click Save when you’re done. Your new manual entry will appear in the Intercompany overview, usually labeled or filtered as a manual adjustment.
That’s it! You’re now ready to iron out intercompany discrepancies using manual entries. If you have any further questions or run into any issues, please reach out to our support team.
3. Best Practices & Tips
Use clear descriptions: Good descriptions (e.g., “Invoice reallocation,” “Historic offset”) help your team understand why a manual entry was made.
Limit to actual needs: Only create manual IC entries to close a historic gap in eliminations. Use the other elimination methods as the foundation.
Coordinate with your accounting team: Because these entries reside in Finstack (not your ERP), ensure everyone is aware of these adjustments for accurate consolidated reporting.
4. Troubleshooting
Cannot save: Check if you’ve selected an entity, currency, and populated required fields (Debit/Credit). Also, confirm that the total entry amounts net to zero.
Doesn’t Appear in the ERP: By design, manual IC entries don’t sync back to your ERP—they only exist in Finstack for reporting and elimination purposes.
5. FAQs
1. Does this override any ERP records?
No. Manual IC entries stay within Finstack. Your ERP data remains unchanged.
2. How do I correct an older period?
Select a past date in the Entry Date field, the correction will be applied on that date.
3. Do these entries show in standard financial reports?
Yes. Manual IC entries will be reflected in consolidation and intercompany elimination reports within Finstack.
4. How do I correct incorrect or duplicated IC entries: You can Edit or Delete a manual entry if you made an error. Simply locate it in the Intercompany overview in the “IC Entries” tab and edit or remove it.
5. Can I revert or undo a manual IC entry?
You can Edit or Delete it in Finstack if needed. It will be updated or removed from your reports once deleted.