Intercompany Reconciliations in Planacy
For groups with several companies and many internal transactions, budgeting of internal balances is often a big challenge. Partly because many companies manage this in Excel where the manual work complicates the process. With Planacy, it's easier to ensure that the budgeted transactions are eliminated correctly at group level – you save time and get a much better overview.
There are several methods for managing counterparty reconciliation in a system for budget, forecast and planning, but we mainly recommend the two listed below.
One Party Decides
This method is hard to manage in Excel, but in Planacy you can easily decide which accounts should be counterparts and set it up so that the accounts are only editable for one company – while the budget is visualized for the company that doesn’t have editing rights.
Visualization of Differences
According to the second method, Planacy visualizes what the counterparty has budgeted and reflects it. In this way, differences are clarified and the company in question can easily approve the counterparty's forecast – and then automatically get its own forecast filled with the corresponding revenue or cost.