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Intercompany

mooshmoosh Feels At HomeRegistered Posts: 28
I need to add opening balances from our subsidiary company on our main company accounts system.

I have set up the new nominal codes for the P&L cost centres (as we still need to show these income and expenses separate) but do I need to set up new balance sheet codes for this subsidiary company, ie VAT, accruals, prepayments, retained earnings? Or would I just use the existing codes for these?

Previously, we have produced P&L and balance sheet for each individual company and then consolidated them afterwards.

Don't know if this makes sense, but hoping someone can help me :confused1:
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