Chart of account: What is I/C, ISS, Interco?

Question

I'm translating a chart of account and it has so many acronyms and abbreviations that it's driving me crazy! The document is a long list of terms in shortened forms such as

Interco Trade Shipment (I/C)

Interco Non-Shipment (I/C)

Interco ISS (I/C)

Interco - Mgmt/Service Fee

Interco - Commissionaire Fee

Interco Loan (I/C)

Interco - Interest

Interco Netting/Clearing

Do you have any idea of what "Interco", "I/C" and "ISS" could be (or where I can find what they mean)?

Answer 1

I/C or Interco is a common terms used to determine that the transactions happens between sister companies within the group of companies, ie it's an internal transaction from the group company point of view. This would include those situation where company A that manufactures a goods sells the product to the sister company (company B) that does the distribution of the products to the end user. The selling & payment transaction between A & B from the group of companies point of view is internal although from legal point of view they happen between 2 legal entities.

I can't help with ISS though sorry. It might just be another kind of transaction type looking at the a/cs you posted