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

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

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. 1Select + Create, then Journal entry.
2. 2Turn on Intercompany transaction. This adds a Company column to the form.
3. 3On the first line, select a company in the Company field, then an account in the Account field.
4. 4Enter the amount in the debit or credit column. It's recorded to the company and account you selected.
5. 5Repeat for any other debits and credits for the first company.
6. 6On the next line, choose the other company in the Company field, then add the account and amount.
7. 7Select 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. 1Create a new intercompany journal entry as in Step 2, or open an existing one.
2. 2Complete the journal entry as you normally would.
3. 3Select Save as template.
4. 4Name the template and confirm its details.
5. 5Set the schedule for new instances.
6. 6Save 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. 1Select Multi-entity, then Overview.
2. 2Open the Filter by company dropdown and choose one or more entities.
3. 3Change the date range on each KPI widget as needed.
4. 4Select 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. 1Go to Reports, then Standard reports.
2. 2Select a report in the Consolidated Reports section.
3. 3Review the data by company, report period and accounting method.
4. 4Filter the data by company, shared dimension or transaction origin.

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.

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. 1Sign in to your consolidated view as the Primary admin.
2. 2Go to Settings and select Manage users.
3. 3Select Edit for the user.
4. 4Add companies or update roles for that user.
5. 5Select Manage consolidated view permissions to set view, create, edit and delete permissions for list management and intercompany transactions.
6. 6Select 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. 1In the Spreadsheet Sync panel, select Build multi-company reports.
2. 2Select the group to run the reports for.
3. 3Select the report: Balance sheet (multiple period), Profit and loss (multiple period) or Trial balances.
4. 4Select Filters to narrow the data. The filters depend on the report type.
5. 5Select 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 matches payments from your bank file to open IES invoices, and its Sales Order Service 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.