You can eliminate accounts (such as accounts containing inter-company transactions) through the Eliminations page, under settings.
You can create groups of eliminations, whether that be a 1-2-1 account/ company relationship or a 1-2-many account/ companies relationship.
Note: You can change the way Eliminations are treated on reports, see the section 'Managing Eliminations' below. You can also create 'Elimination sets', see the bottom of the page.
Elimination Groups
To set up an elimination group:
1. Click the Settings cog in the top right of your screen and choose Eliminations.
2. Select the Add Elimination Group button
3. Using the top and bottom line provided, select the companies that you would like to eliminate accounts from
4. Using the boxes to the right of the company boxes, select the GL accounts to eliminate
5. Add an optional netting adjustment by clicking the tick box at the bottom of the pop-up menu
When a netting adjustment is added to an elimination group, Joiin will post a line to the Equity section of the Balance sheet. The value of this adjustment will be the difference between the sum of the accounts selected in the top line and the sum of accounts in the bottom line.
These accounts will now (by default) not appear in your reports.
Exclusions
To set up an Exclusion:
1. Click the Settings cog in the top right of your screen and choose Eliminations.
2. Click the Add Exclusion button
3. Use the pop-up menu provided to select the accounts
4. Click Exclude in the bottom right corner of the box to exclude the selected accounts
The Exclusion will remove the selected accounts for all companies on any report.
On-screen Elimination views.
You can change the way Eliminations are treated on a report by report level - you can choose whether to remove eliminations, show only eliminations, show all accounts or display eliminations in a separate column.
To configure your eliminations:
1. Click the Elimination Configuration box in the top right screen of any financial report (as pictured below)
2. Then choose from the drop-down how you would like your eliminations to be displayed/ handled.
Joiin will then present your eliminations as you have instructed.
Eliminating part of an account
In some cases, intercompany transactions are stored in the same GL account as other regular transactions. For instance, Xero does not allow users to create separate Accounts Payables accounts for intercompany balances.
To eliminate these intercompany transactions, an adjustment can be posted to eliminate the value of the intercompany transactions. To do so:
1. Go to the companies page by clicking Companies on the left side toolbar
2. Click the 3 dot menu beside the name of the company
3. Select Adjustments from the drop down menu
4. Click the Add adjustment Account button
5. Search for the account that you would like to adjust using the search bar
6. Click the name of this account and then the Add button to add the adjustment
7. Enter the relevant values to adjust for the intercompany transaction
8. Once the figures have been entered, click Update Adjustment to save your work
9. Ensure that you adjust both sides of the group.
A user guide that covers creating and managing adjustments in Joiin can be found here
Elimination sets
You can create 'Elimination Sets' which are groups of eliminated accounts which can be applied when running reports. By default there is a single Default Elimination Set, you can have multiple 'Sets' to give you flexibility when reporting.
To manage Elimination Sets in Joiin, click the settings cog and select the "Eliminations" page.
To add a new Elimination set
1. Click on the dropdown at the top of the list.
2. Click on the "Add Elimination Set" button.
3. Enter a name for the new set and click "Save."
You can then begin adding accounts to this set of eliminations, using the instructions at the top of this article.
To switch between Elimination Sets
When running a report, you can choose which set of eliminations you would like to attribute to the report. To do this:
1. Click the Eliminations box in the top right of the screen
2. Choose One of the eliminations options
3. Choose the 'Set' using the drop-down