ODT InterCompany 365 can greatly streamline certain processes for equipment rental organizations with two or more operating or holding companies.
Prior to Microsoft adding intercompany functionality to Microsoft Dynamics NAV, Open Door Technology offered an intercompany processing add-on for both standard and premium licenses. The add-on was a popular choice for companies needing intercompany capability and remained so even after Microsoft added their version.
As our version was not restricted by license, standard licenses were able to gain intercompany processing capability without moving to the more expensive premium users. Additionally, the Open Door solution offered capability not offered by Microsoft.
Unique intercompany capability
Today, that unique capability still exists in ODT InterCompany 365 for Dynamics NAV and Dynamics 365 Business Central. It’s proven to be a valuable resource for equipment rental companies that require the ability to code one sales or purchase document across multiple companies, all while handling taxes and currencies properly. Please note this option is available only for general ledger line types, which is adequate for most users’ needs. The standard Microsoft intercompany function is still available and will handle related party transactions for intercompany sales and purchases.
Both solutions (Microsoft intercompany and ODT InterCompany 365) handle intercompany transactions, albeit somewhat differently. Initially, only the Open Door solution could facilitate automatic posting in the recipient company general journal but Microsoft has now also added that feature.
Open Door offers intercompany options for Dynamics NAV 2.6 and up to the current version of Dynamics 365 Business Central.
- Save time with less clicks and steps to get transactions completed
- Process reconciliations at the end of the month in less time
- Code each document line to different companies
- Use ‘Auto Posting’ flag to automatically post pending offset transactions in the recipient company
- Control access to companies by individual
- Repeat past transactions with Copy Document
- Navigation detail includes target company information
How ODT InterCompany 365 compliments your system
ODT InterCompany 365 allows users to process transactions across multiple companies from the general ledger, accounts payable, and accounts receivable. The posting can include recurring journals with allocations and will handle taxes when posting to another company. As mentioned earlier, the posting is limited to general ledger line types.
As an example of the process, a user can open up a new purchase invoice, select a company for the line, and choose from the target company’s chart of accounts and dimension list. Posting the transaction creates a payable in the source company’s payables ledger, and offsetting and balanced transactions in the target company or companies’ general journal. The system can handle an unlimited number of source companies, which can be restricted by user, but only within one database.
The target company can be set to post the transactions automatically so the intercompany transactions are always in balance or they can be posted after a manual review. Performing a Navigate function displays the General Ledger and Tax Ledger Entries created in the target company.
The user can then drill down to transactions in the target company. Accounts receivable and payable transactions can also be copied in the source company. The solution also offers a full audit capability on posted documents.
Need Rentals functionality?
Keep in mind that if you need rental functionality added to your system, you can check out ODT Rentals 365 for NAV and Business Central. Our Rentals add-on is part of our options for a fully featured financial, operations, service, and rental system. It enables you to reserve and rent units, invoice recurring rentals, track maintenance history with our service app, and process data integrated on a real-time basis across all modules.
*Did you catch our previous blog which highlighted the unique payable processing capabilities that the ODT Advanced Payables 365 solution for Dynamics 365 Business Central can offer your equipment rental business? Read all about it here.