Intercompany Customer Payments (Customers pay into bank account of another subsidiary)
My company has acquired a couple companies over the last few years and we have been asking those customers to pay into our main corporate bank account, which is set up as a bank account on our original existing main subsidiary (Subsidiary 1). When my company acquires companies, we set them up as their own subsidiary so we can track their financials independent of the other subs. These acquired subs have their own customers, and we issue invoices to those customers on the acquired subs. When the customers pay, they pay into Subsidiary 1’s bank account, and we are forced to book a four line intercompany JE every time. (Debit Cash, Credit I/C Payable on Sub 1, Debit I/C Receivable, Credit A/R on Sub 2)
Does anyone else have a similar situation and found a more scalable workaround? We can’t ask customers to continue paying into the bank accounts of the acquired subs. I looked into Custom Transactions but found that I can’t set up a custom intercompany transaction type.