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How are they important?
Intercompany accounts are the accounts uses to reconcile the two sides of accounts handled at two different locations. These accounts are necessary for control checks in big organisations.
Intercompany accounts often relate to petty cash that can be spent between two companies. Also, they can relate to COGS and inventory.
Inter-company accounts record transfers of money and inventory between different corporate divisions or a parent company and its owned subsidiary companies.
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