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In AX 2012 R2, before Cu6, the following issue occurs: project timesheets vouchers are not ok for intercompany postings.

Many private companies in Ireland are owner-managed and long term loans between many company directors and their companies are very common.

These arrangements are mainly for commercial reasons and often allow cash to be used where it is most needed and may well be cheaper than using external finance, especially if the entity receiving the loan is perceived as risky so that the rate it could borrow at externally would normally be higher.

Often, though, the loans are not on any documented commercial terms.

They may now wish, as a result of the rule changes in FRS 102, to introduce more formal documentation to ensure their intentions are reflected in the contractual terms and in the accounting, so as to reduce any unintended consequences of these loans.

This latest blog in our series on the new accounting standard FRS102 considers the impact of its rules on an area that will impact most SMEs, namely, the accounting treatment for intercompany and directors’ loans.

This standard will impactnearly all privateentitiesinonewayoranother, fom 1 January 2015 and this particular topic of inter-company and directors' loans will prove to be one of the most tortuous to explain to clients.

It is quite common for groups to manage their finances by setting up loans between parent and subsidiaries, or directly between subsidiaries.

The issue has been indirectly solved by other KB fixes: this can happen when there are a lot of fixes that insists on the same area/module .

In Cu6 there are many fixes related to Project module and also specifically to the Timesheets management.

You can check and download them on the Partner/Customer source.

Groups, stand alone companies and company directors may have, in the past, relied on informal arrangements and verbal agreements.

163 Comments

  1. In AX 2012 R2, before Cu6, the following issue occurs: project timesheets vouchers are not ok for intercompany postings.

  2. Trying to post an intercompany timesheet for projects, the system uses a wrong posting date for part of the voucher.

  3. Moreover, as a consequence, the entire posted voucher is visible only in the G/L and not in the Project inquires (refer to the attached document for details).

  4. There is not a specific KB solving this issue, however it does not occur in AX 2012 Cu6.

  5. Many private companies in Ireland are owner-managed and long term loans between many company directors and their companies are very common.

  6. These arrangements are mainly for commercial reasons and often allow cash to be used where it is most needed and may well be cheaper than using external finance, especially if the entity receiving the loan is perceived as risky so that the rate it could borrow at externally would normally be higher.

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