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multicompany accounting

Samer Al-Sarhan
on 6/10/16, 10:12 AM 382 views

Greeting All,

I am working on project for my company and multi company is part of the project after I configure all the companies now i need to generate a Consolidating financial accounting report (balance Sheet and Profit & Loss) report dose any one has an idea how to achive that.

Which version? If v9, which edition?

Bista Solutions US, Ray Carnes
on 9/16/16, 1:26 PM

michel Guénard

--michel Guénard--
| 5 5 8
--michel Guénard--

VP operations & finance Social entrepreneur Certified Public Accountant Past Chief internal auditor

michel Guénard
On 9/16/16, 1:43 PM

The consolidated set of account is meant to report the financial statement of the group of companies as if there is one single company that makes businesses with the rest of the world

May I recommend you to study the consolidation accounting process (or be helped by an accountant); because the consolidaton is not a trivial process:

for instance

all intercompany transactions and intercompany margins need to be eliminated ( keeping only the transactions with the "outside world")

a common currency (and conversion rates) need to be decided for the consolidation of the group companies' operations; so that each company records its operations in the common group currency in addition to the local records kept in local currency. Only the operations recorded in the group currency will be elected for the consolidation

a common chart of account for all companies

you also have to take into consideration the % of capital that the parent company holds into each other companies (not to speak from capital holdings between the daughters companies themselves); 

In summary: the consolidation is not the addition of the transactions of all companies belonging to the same group

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Asked: 6/10/16, 10:12 AM
Seen: 382 times
Last updated: 9/17/16, 1:13 AM