§ 1.1502-17 and, with regard to consolidated return years beginning on or after November 7, 2001, § 1.446-1(c)(2)(iii). Paragraph (c)(6)(ii) of this section, however, provides limitations on the application of this rule to intercompany income or gain.
For example, S determines its gain or loss from a sale of property to B on a separate entity basis, and B has a cost basis in the property. For other special status issues, see, for example, sections 595(b) (foreclosure on property securing loans), 818(b) (life insurance company treatment of capital gains and losses), and 1503(c) (limitation on absorption of certain losses).I was advised to record General Journal entries in the following manner: In QB Company A: Dr Intercompany B / Cr Company A Bank In QB Company B: Dr Accounts Payable & Dr Tax Account / Cr Intercompany ABy doing this I cannot record the bill directly in the vendor's account in Company B, nor can I post the Job Materials in the Company B project. Forget those JE's If you don't have create a "Clearing" account as a bank account.It's a handy little tool to clear transactions between AR and AP, intercompany amounts, and make other corrections.To set up these elimination subsidiaries: Back to top Workflow Management Using List Views: Inline Editing in a list view is very convenient for quickly updating records with out having to open each record individually.This is especially useful for managing company-specific workflow processes because you can easily run through a list and check boxes or change status fields for many records in a short amount of time.ike GPS wanted to speed up month end reporting and gain more flexibility in its reporting.