Create Intercompany Accounting Entry

Users will need the Intercompany Accountant role to enter ICV's. This process replaced the ICV Database that was used in Peoplesoft. 

1. Click the hamburger menu on the top left of the screen

2. Select "Transactions" under Intercompany Accounting

3. Click on the task menu and select "Create Transaction"

4. Enter Provider (This is the fund that "provided" the service. Credit To: Increase Revenue or Decrease Expense)

5. Update Batch and Accounting Date if applicable. These dates should be the same. 

6. Enter Description in the Batch Description box 

7. Add support

8. Enter Receiver Fund. (This is the fund that "received" the service. Charge To Side: Decrease Revenue or Increase Expense)

9. Enter Debit Amount. (99% of the time the ICV will be a debit unless reversing out a previous ICV, then it will be a credit. Amounts will always be a positive number).

10. Enter Provider Funding. (Click the + icon to add a line). 
NOTE: Be sure to use the same fund used on step 4. Also use the same interfund used on step 0.

Step 11. Click OK

Step 12. Add credit amount (99% of the time the ICV will be a credit unless reversing out a previous ICV, then it will be a debit. Amounts will always be a positive number).

Step 13: Click Receiver

Step 14: Enter Receiver Funding

Step 15: Click OK

Step 16: Add Debit Amount (99% of the time the ICV will be a debit unless reversing out a previous ICV, then it will be a credit. Amounts will always be a positive number).

Step 17: Click Save
Step 18: Click Submit. Process will route through workflow. The ICV routes to the Receiver department group and Budget group. Once both are approved, the Provider department will get a notification in their bell but no approval is required for the Provider. 

Step 19: Click the task menu then click "View ICV in Manage Intercompany Outbound Transactions"

Step 20: Click on the ICV. (NOTE: In the screenshots I was in the process of creating a new ICV, batch number 2021 but did not save since I had a similar one already submitted for batch number 2020). 

Step 21: The below screen shows the ICV has been fully approved. Before approval, the status will say "Received", "Sent", "Error", or "Rejected". 
Received- The ICV is in the approvers bell for approval

Sent- The ICV was sent but is not in approvers workflow yet. Takes about 5-10 minutes to change to "Received"

Error- The ICV errored so it was never sent through workflow. User will need to resubmit once the error is fixed. 

Rejected- The approver withdrew the ICV, which will send it back to the entry user. The user can correct and resubmit. 


Step 22: Once approved, the ICV will be in the "Manage Intercompany Inbound Transactions" screen. This means when the Transfer to Receivables and Transfer to Payables process is run by Systems or the scheduled process, the ICVs will process. The ICVs will pull into AP's pay cycle. The ICVs will budget check once in payables, so if there are any budget errors, AP will reach out.