IC reconciliation is when two branches of a parent company reconcile figures as a result of engaging in a transaction. One child company is the seller to the other child company is the purchaser. Thus, in order to ensure that the correct figures appear on financial statements, the figures need to be reconciled. Ideally this occurs at the transactional level. The process often takes place monthly or quarterly and involves various general ledgers of child companies eliminating intercompany transactions. 
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