I would like to inquire about a feature in CETEC ERP related to double-entry transactions. Specifically, is there an option to associate a “Location” with the account head being selected during the transaction entry?
For instance, in the case of an intercompany transaction, if I record an expense for one location and corresponding revenue for another, can I link each entry to its respective location? This would ensure that the impact of the transaction is accurately reflected in the financials of the selected locations.
Additionally, is there any possibility for back mapping or integration that could enable this functionality, making it easier to reflect transactions accurately by location?
Please let me know if such functionality exists or if there are any recommended workarounds or solutions.
Thanks for your question! Can you provide an example of a specific activity you’re looking at which impacts the ledger? I.e. a build to stock order or a warehouse transfer? I’m not completely clear on the double-entry transaction but it may just be a difference in terms used. Generally an order, purchase order or other activity that impacts the ledger will have a location so I’m trying to understand more concretely where the two separate locations and their ledger activity are not being recorded accurately.
Company A (Main) – Operating with a local currency bank account.
Company B (EPZ) – Operating with its own bank account.
When transferring funds between these two companies, the transaction involves the following:
Company B’s Bank Account (Debit): To reflect the increase in funds for Company B.
Company A’s Bank Account (Credit): To reflect the decrease in funds for Company A.
Objective:
The double-entry bookkeeping for this intercompany transaction is standard, with one company’s bank account debited and the other’s credited. However, I want the impact of this transaction to be allocated to the selected location within each company. Specifically:
For “Company A”, the credit to its bank account should reflect as activity for its “Main location”.
For “Company B”, the debit to its bank account should reflect as activity for its “EPZ location”.
Attached Sample Entry:
In the current setup, I noticed that when posting this intercompany transaction, CETEC ERP only allows me to select “a single location” for the entire transaction. However, I need the ability to assign “separate locations for each head/account” involved.
For example:
Company A’s Bank Account (Credit) should be tagged to “Main location”.
Company B’s Bank Account (Debit) should be tagged to “EPZ location”.
Questions:
Separate Location Options for Heads:
Is there a way to enable separate location selection for each head/account in CETEC ERP so that both the credit and debit entries can be allocated to their respective locations?
Intercompany Workflow:
Does CETEC ERP provide an intercompany transaction workflow that supports location-level allocation for each line item in the entry?
Reporting by Location and Company:
How can I ensure that intercompany transactions reflect correctly in the financial reports of both companies while maintaining location-specific allocation for each head?
Configuration Guidance:
What changes or configurations are required in CETEC ERP (e.g., location mapping, transaction tagging) to achieve this functionality?
Here is a document on modeling multiple companies in CetecERP… I believe you will be using the Cost Center on the entry split to model how money moves between entities.