LoopfourReconcile intercompany balances
Build a workflow that compares both sides of each intercompany balance in NetSuite at month end and lists the differences for your team to resolve.
The job
At month end, each entity's intercompany receivable should equal the other entity's payable. Someone pulls both sides, nets them by entity pair, and chases the differences before eliminations are booked.
By hand
With Loopfour
How the workflow runs
- TriggerNear month endA schedule you choose, such as the 28th of each month.
- StepPull intercompany balancesFrom NetSuite, for each subsidiary pair.
- StepNet each pairLoopfour adds up both sides of each entity pair.
- DecisionDifference over your threshold?For example, more than $1,000.
- StepList the differencesSaved to a table and posted to your close channel.
- ApprovalController approves eliminationsA rejection stops the run before anything is booked.
- OutputElimination entries created in NetSuite
What you need
- Template: Studio has no ready-made template you can run for this job. You build it by describing it in chat.
- Systems to connect: NetSuite (or Sage Intacct) for the balances and entries, and Slack for the list of differences.
- A table: a table to keep each month's list of differences as support. See Tables.
- Who approves: the controller or consolidation lead who signs off eliminations.
Set it up
Connect your systems
Go to Integrations and connect NetSuite and Slack. See Connect a system.
Describe the workflow in chat
On Home, describe the job. Name the accounts you use for intercompany. For example: "On the 28th of each month, pull intercompany receivable and payable balances from NetSuite by subsidiary pair. Net each pair. Save pairs that differ by more than $1,000 to the Intercompany differences table and post them in #close. Then ask the controller to approve, and create the elimination journal entries in NetSuite." See Build a workflow by describing it.
Check the calculation
Ask your developer to use a Code step to total and compare each entity pair. Transform only renames fields or filters lists; it does not add balances. Compare a sample pair with your reconciliation.
Check the balances step
Check the approval step and choose a safe schedule first. Select Deploy, then Run, and open the first step's result under Runs. Compare the balances with your NetSuite intercompany report before you rely on the rest.
Check the approval
Open the Approval step and confirm the approver, the reason and the timeout. See Add an approval step.
Review the test
Reject the test approval if you do not want elimination entries posted. Compare the differences with your own reconciliation before approving a later run. Run needs an Active workflow; deploying also switches on its schedule. See Deploy, test and change a workflow.
What you review
- The differences table: one row per entity pair over your threshold, kept month by month.
- Approvals: eliminations wait under Approvals until the controller decides.
- Each run: under Runs, each run shows the balances pulled, the netting and the entries created. See Read a run.
- Who did what: the Audit trail tab under Runs records who approved and who changed the workflow.
Adapt it
- List only, book by hand: remove the approval and entry steps, and use the workflow to produce the differences list.
- Tell each entity: add a message to each entity's accountant with their pairs that do not agree.
- Change the threshold: use a lower threshold at quarter end.
Reconcile bank transactions
Build a workflow that syncs bank transactions into a table each day, matches them against your ledger, and lists the items left to explain.
Prepare revenue recognition entries
Set up a workflow that builds a monthly revenue schedule from your contracts or subscriptions and posts the entries after your review.