20+ Legal Entity – Consolidated Banking
I have 20+ legal entities and growing in our Netsuite instance. I want to use a simpler banking setup. Today I have accounts for each entity holding cash. I want to use a single cash holding account, master collections account and controlled disbursement AP account. I want to receive cash into a single bank account for all entities and pay out of a single controlled disbursement AP account for all entities.
I think to do this I would still setup “virtual” or “clearing” accounts in Netsuite and transact systematically in those and transfer to the master accounts for the holding entity. Is this banking activity something that could be scripted? I am trying to minimize the number of actual accounts I have with the bank as my entity list grows, likely to be 40 or so entities by YE.