Error Line 1 Ledger Code is blank Error creating I/C Journal for payment

When a contact’s Payment Company is predefined, you may encounter this error:

Error Line 1 Ledger Code is blank Error creating I/C Journal for payment

When an invoice has a Payment Company that is intercompany, then an intercompany journal is created between the invoice company and the Payment Company. The intercompany journal will not be able to fill the Line 1 Ledger Code if the Account Periods form does not have an Intercompany ledger code entered for the year specified.