Intercompany eliminations QuickBooks Online: loans, sales and charges between group companies

Intercompany eliminations in QuickBooks Online, in plain words

An intercompany elimination takes loans, sales and charges between group companies out of the group figures so they are not counted twice: one company's receivable or revenue is another company's payable or expense. QuickBooks Online records each side in its own company file.

Intuit says money moved between two companies is a two-sided transaction and may be a loan. It points you to your accountant or tax professional for the right accounts:

1. Paying company: record a Check or Expense and choose an Asset or Equity account for the funds going out.
2. Receiving company: record a Bank Deposit and choose an Equity or Liability account for the funds coming in.

Eliminating by hand in a spreadsheet

By hand, the pattern is an Eliminations column beside the company columns; Intuit's Enterprise Suite spreadsheet shows one next to its Consolidated statement column. Both sides of each item must match first, and every company's column must cover the same period. Xero's Australian guide says to reconcile each transaction in both sets of books and eliminate at consolidation.

Spreadsheet Sync on QuickBooks Online Advanced combines three reports, and the Intuit articles cited here describe no elimination step in it. How to consolidate multiple companies in QuickBooks Online sets out the routes.

How Joiin eliminates loans, sales and charges

Joiin eliminates intercompany loans and transactions by account or by transaction on every plan, and adds a netting line when the two sides differ, for example because of exchange rates. Core is $77 a month for 5 companies, billed monthly, as read on October 30, 2026. Set-up starts with the Add Elimination Group button, where you pick the accounts or contacts on each side.

Joiin's eliminations by contact change only its sales and purchasing reports, not the financial statements, and they work for Xero and QuickBooks companies only. The netting line is posted to the Equity section of the balance sheet. On Pro and Max, an AI agent guides you through finding and creating eliminations. Joiin QuickBooks covers the connection.

Intuit Enterprise Suite and JustConsolidate

In Intuit Enterprise Suite, intercompany entries and elimination accounts are managed from the parent company. There you open Intercompany elimination accounts and choose, for each company, the accounts used only for intercompany items. Intuit then removes their full balances from consolidated reports automatically.

If an account mixes intercompany and other activity, the adjustment is made by hand in a downloaded spreadsheet and is not posted back. JustConsolidate manages elimination entries through a post-consolidation workflow, after the group books are built in a new QuickBooks company.

Eliminations when a company reports in another currency

Joiin's help center says to eliminate all sides of an intercompany item together; eliminating one side can leave the balance sheet out of balance when a foreign currency is involved. Intuit says Intuit Enterprise Suite does not support entities outside the US at this time. Multi-currency consolidation software compares the tools.

A group with two companies and one loan can keep an Eliminations column in Excel. Pick Intuit Enterprise Suite for a US-only group moving into one Intuit system, JustConsolidate for a group that wants the consolidated books inside a QuickBooks company, and Joiin for a group on QuickBooks Online or Xero files; its 14-day trial on Max, with no card, includes the eliminations agent that Pro and Max carry. Consolidation software for QuickBooks lists the options.