What key data elements are required for accurate intercompany matching?

• A. Transaction amounts, types, and payment methods
• B. Transaction amounts, dates, currencies, and reference numbers
• C. Transaction descriptions and customer IDs
• D. Employee details and departmental codes

Answer: (B)

For accurate intercompany matching, it is essential to have transaction amounts, dates, currencies, and reference numbers. Each of these elements plays a vital role in ensuring that the financial data between different entities within the same organization is correctly aligned.

Transaction amounts are necessary to ensure that the financial figures match between intercompany partners. If the amounts differ, it indicates a discrepancy that needs further investigation. Dates are crucial as they help to verify that the transactions occurred in the same reporting period, which is key for accurate financial reporting. Having the correct currencies is important because different entities may operate in different currencies; therefore, knowing the currency used for each transaction helps in comparisons and reconciliations. Reference numbers serve as unique identifiers for transactions, allowing for easy tracking and verification to confirm that the amounts correspond with each entity’s records.

Other options, while important in their own contexts, do not provide the critical combination of elements needed specifically for intercompany matching purposes.