How to Correct a Non-Zero Intercompany Receivable/Payable Balance in a Closed Period

Navigate to Reports > Financial > Balance Sheet and set the Column to Subsidiary.n

Click View Detail on the Intercompany Receivable Account.n

Identify the period where the Intercompany Reversing Journal was not created. This is indicated by the absence of a Journal Entry on the 1st of the month. For example, if no Reversing Journal exists for the May Period.n

View the previous period Intercompany Journal Entry (e.g., April 31, 2018). Under the Related Records Tab, confirm the absence of a created Intercompany Reversing Journal Entry.n

Re-open all periods from the latest closed period back to the period containing the Intercompany Journal Entry that lacks a Reversing Journal (e.g., April 31, 2018).n

Delete all Intercompany Journal Entries from the identified period (e.g., April 31, 2018) through subsequent periods (e.g., May 31, 2018, June 31, 2018). Note that Intercompany Reversing Journal Entries cannot be deleted independently; they are automatically removed when their corresponding Intercompany Journal Entry is deleted. Re-running the elimination process without deleting these journals will not resolve the issue.n

Re-run the Intercompany Elimination Process. Subsequently, close each period sequentially, confirming that the Total Balance for the Intercompany Receivable/Payable Account is zero for each closed period before proceeding to the next.