# How to Eliminate Intercompany Balances and View Consolidated Financial Statements in Intuit Enterprise Suite

> Pick elimination accounts, record intercompany journal entries from the parent, and run consolidated P&L, balance sheet, cash flow and aging reports in Intuit Enterprise Suite.

- URL: https://logistify.ai/guides/intuit-enterprise-suite/eliminations-consolidated-financial-statements/
- Section: Intuit Enterprise Suite Guides, Multi-entity & consolidation
- Applies to: Intuit Enterprise Suite (multi-entity companies)
- Steps checked against: Intuit help articles for Intuit Enterprise Suite, checked 30 October 2026
- Updated: 2026-10-30

**Short answer:** To eliminate intercompany balances and view consolidated financial statements in Intuit Enterprise Suite, sign in to the parent company and go to Multi-entity > Overview > Intercompany elimination accounts. Pick the accounts each company uses only for intercompany activity. IES removes their full balances from consolidated reports going forward. Then run the consolidated profit and loss, balance sheet, cash flow or A/R and A/P aging from the Consolidated reports section, or from Reports > Standard reports.

## Before you start

- You have an active Intuit Enterprise Suite subscription with more than one company.
- You work from the parent company. Intercompany journal entries and elimination accounts must be managed there.
- Remove redundant intercompany accounts to avoid double-counting. Accounts usually eliminated are intercompany revenue and expense, intercompany receivables and payables, and intercompany investments and equity.
- Confirm with your accountant, or check current accounting standards, which accounts your organization should eliminate.
- Users who view consolidated reports need access to two or more companies, and the primary admin has to turn on consolidated view access for them.

## Step 1: Select your elimination accounts

1. Sign in to your parent company.
2. Select Multi-entity, then Overview.
3. Select Intercompany elimination accounts.
4. For each company, choose the accounts that are used solely for intercompany transactions or balances.
5. Select Done.

You only do this once. From then on, IES removes the full balances of these accounts from your consolidated reports. To eliminate a single intercompany sale instead, a user with the Manual Eliminations policy selects it in the Multi-Entity Hub and selects Eliminate. See how to [record intercompany sales between entities](https://logistify.ai/guides/intuit-enterprise-suite/intercompany-sales/).

## Step 2: Record an intercompany journal entry from the parent

Intuit recommends recording intercompany journal entries between two companies at a time, to keep record-keeping and audits simple.

1. Select + Create, then Journal entry.
2. Turn on Intercompany transaction. This adds a Company column to the form.
3. On the first line, select a company in the Company field, then an account in the Account field.
4. Enter the amount in the debit or credit column. It's recorded to the company and account you selected.
5. Repeat for any other debits and credits for the first company.
6. On the next line, choose the other company in the Company field, then add the account and amount.
7. Select Save and new or Save and close. The entry is recorded to every company on the form.

## Step 3: Save a recurring intercompany journal entry

Recurring templates for intercompany journal entries are available from the 13 May 2026 Intuit Enterprise Suite release. New instances post automatically on the schedule you set.

1. Create a new intercompany journal entry as in Step 2, or open an existing one.
2. Complete the journal entry as you normally would.
3. Select Save as template.
4. Name the template and confirm its details.
5. Set the schedule for new instances.
6. Save the template.

To manage templates, go to Intercompany transactions, select Manage IC settings, then Recurring templates.

## Step 4: Check consolidated KPIs on the Multi-entity Overview

1. Select Multi-entity, then Overview.
2. Open the Filter by company dropdown and choose one or more entities.
3. Change the date range on each KPI widget as needed.
4. Select Refresh to see the consolidated figures on the KPI widgets.

The widgets show consolidated profit and loss, sales, expenses, accounts receivable and accounts payable.

## Step 5: Run consolidated financial statements and reports

On Multi-entity > Overview, the Consolidated reports section has the Profit and loss, Balance sheet, Cash flow statement, A/R aging summary and A/P aging summary. More consolidated reports are under Standard reports:

1. Go to Reports, then Standard reports.
2. Select a report in the Consolidated Reports section.
3. Review the data by company, report period and accounting method.
4. Filter the data by company, shared dimension or transaction origin.

| Consolidated report | What it shows |
| --- | --- |
| Profit and Loss | A combined income statement across all companies for the period. |
| Balance Sheet | Assets, liabilities and equity across all companies at a point in time. |
| Cash Flow Statements | Cash in and out across all companies, grouped by operating, investing and financing activities. |
| Trial Balance | All accounts and their debit and credit balances across all companies. |
| A/R Aging Summary and Detail | Customer invoices outstanding across all companies, by aging period. |
| A/P Aging Summary and Detail | Vendor invoices outstanding across all companies, by aging period. |
| Sales by Customer Summary and Detail | Sales by customer across all companies. |
| Expenses by Vendor | Expenses by vendor across all companies. |
| Transaction Journal | The debits and credits that make up each transaction. |
| Invoice List | Invoices across all companies the user can access in the consolidated view. |
| Transaction List by date, Transaction detail by account | All transactions across all companies, grouped by date or by account. |
| Deposit detail, Check detail | All deposits, or all checks written, across all companies. |

*From Intuit's article on consolidated reports for multiple companies, updated 5 August 2026.*

To check one intercompany transaction, open the Accounting app, select the Intercompany Transactions tab, and select View Transaction Journal on any transaction linked to an invoice or bill. Intercompany transactions have an IC mark in the Transaction Type column. Shared dimensions work as report filters; see [how dimensions differ from classes and locations](https://logistify.ai/guides/intuit-enterprise-suite/dimensions-vs-classes-locations/).

## Step 6: Give your team consolidated view access

The primary admin can grant consolidated reports access to the Standard all-access, Reports view only, In-house accountants and Bookkeeper roles.

1. Sign in to your consolidated view as the Primary admin.
2. Go to Settings and select Manage users.
3. Select Edit for the user.
4. Add companies or update roles for that user.
5. Select Manage consolidated view permissions to set view, create, edit and delete permissions for list management and intercompany transactions.
6. Select Continue to save.

## Step 7: Build multi-company reports in Spreadsheet Sync

Use Spreadsheet Sync to work with the data in Excel or Google Sheets, for example to add charts or pivot tables. Intuit's article doesn't give the steps to set up Spreadsheet Sync itself.

1. In the Spreadsheet Sync panel, select Build multi-company reports.
2. Select the group to run the reports for.
3. Select the report: Balance sheet (multiple period), Profit and loss (multiple period) or Trial balances.
4. Select Filters to narrow the data. The filters depend on the report type.
5. Select Run report in Excel or Run report in Google Sheets.

If an account isn't used only for intercompany transactions, you may need to remove specific amounts by hand. In the downloaded report, adjust the Eliminations column and the Consolidated statement column, then save the spreadsheet. These adjustments aren't posted back to IES.

## If something doesn't look right

- Consolidated totals include intercompany balances: select the intercompany-only accounts under Multi-entity > Overview > Intercompany elimination accounts.
- An account mixes intercompany and outside activity: elimination accounts remove the full balance, and Intuit says to choose accounts used solely for intercompany transactions. Adjust the specific amounts in a Spreadsheet Sync report instead.
- A user can't see consolidated reports: they need access to two or more companies, and the primary admin has to turn on consolidated view access for them.
- Edits in Google Sheets didn't reach IES: with Google Sheets you can't make bulk edits or import changes back into Intuit Enterprise Suite.
- You can't tell which transactions are intercompany: look for the IC mark in the Transaction Type column.

## Where Intuit Enterprise Suite leaves the work to you

- Deciding which accounts to eliminate is up to you and your accountant.
- Accounts that mix intercompany and outside activity need manual adjustments in a spreadsheet, and those adjustments don't post back to IES.
- Intercompany journal entries have to be created from the parent company, and Intuit recommends recording them two companies at a time.
- Eliminating a single intercompany sale is a manual review in the Multi-Entity Hub.

## How Logistify helps

Logistify doesn't post eliminations or consolidation entries. Its [Accounts Receivable Service](https://logistify.ai/agents/accounts-receivable/) matches payments from your bank file to open IES invoices, and its [Sales Order Service](https://logistify.ai/agents/sales-order/) enters customer orders into Intuit Enterprise Suite as sales orders, with a person reviewing exceptions. That keeps each entity's open invoices current before you run the consolidated A/R aging.

## Frequently Asked Questions

### What are elimination accounts in Intuit Enterprise Suite?

Accounts each company uses solely for intercompany transactions or balances. Once you select them under Multi-entity > Overview, IES removes their full balances from consolidated reports going forward.

### Which consolidated financial statements does IES produce?

Consolidated profit and loss, balance sheet, cash flow statement and trial balance, plus consolidated A/R and A/P aging, sales by customer, expenses by vendor and transaction reports.

### Can I schedule recurring intercompany journal entries?

Yes, from the 13 May 2026 release. Save the entry as a template and set a schedule. New instances post automatically.

### Who can see consolidated reports?

Users with access to two or more companies whose consolidated view access the primary admin has turned on. It can be granted to the Standard all-access, Reports view only, In-house accountants and Bookkeeper roles.

### Can I filter consolidated reports by dimension?

Yes. Consolidated reports filter by company, shared dimension or transaction origin.

### Do manual elimination adjustments in Excel post back to IES?

No. Adjustments you make in a Spreadsheet Sync report stay in the spreadsheet.

## Sources

- [Intuit: Manage multi-entity eliminations and journal entries in Intuit Enterprise Suite](https://quickbooks.intuit.com/learn-support/en-us/help-article/expense-accounting/streamline-intercompany-accounting/L88O7nxD0_US_en_US)
- [Intuit: View consolidated financial statements in Intuit Enterprise Suite](https://quickbooks.intuit.com/learn-support/en-us/help-article/multi-entity/view-consolidated-financial-statements-intuit/L6Xbfa6xi_US_en_US)
- [Intuit: View consolidated reports for multiple companies with Intuit Enterprise Suite](https://quickbooks.intuit.com/learn-support/en-us/help-article/vendor-management/strong-view-consolidated-reports-multiple-intuit/L5ebsW3b7_US_en_US)
- [Intuit: Automate intercompany sales with Intuit Enterprise Suite](https://quickbooks.intuit.com/learn-support/en-us/help-article/journal-entries/manage-intercompany-sales-intuit-enterprise-suite/L5U8y7vM1_US_en_US)