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Florian Pichl

When reading "Consolidation" I imagine to see a legal consolidaiton. Meaning an tool to aggregate all group companies and display them in one group currency (that is fulfilled). But then to ELIMINATE all intercomapany income/expenses, receivables/Liabilities, equity and financial assets, alimination of intercompany profit etc...

Do those functionalities exist somewhere? I could not find anything which is sad, as ODOO would have all necessary information, at least if accounting uses the intercompany functions...

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Florian Pichl

If anyone is interested in an Legal Consolidation Module, just contact me. I build an own one which fulfils legal requirements :-) You can also check www.syscoon.com

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Chris TRINGHAM
Jawaban Terbai

One simple solution is to use fiscal position so that inter-company transactions are posted to different accounts and these could then be excluded from the Profit & Loss.



Also, there is a Consolidation module in Odoo 13 EE, as per this video from the Odoo Experience  


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Florian Pichl
Penulis

Yep, that solution is very hands on. For Management-Reporting that would be sufficient, but not for legal reporting. Our auditors would never accept that way. They usually want to see consolidation-postings.

Also, there are several cases where you can not just exclude an account, eg if we look at "elimination of interco profit" in inventory; or display of minoritiy shares etc.

Chris TRINGHAM

The postings are there in Odoo, so your auditor could check them. There is also a Consolidation module in Odoo, as per this video from the Odoo Experience: https://www.youtube.com/watch?v=mL3J87SnWGw

Florian Pichl
Penulis

Hmm, that is the standard Odoo-consolidation video. Sorry, that is not Financial Consolidation. There are no Consolidation-postings done to eliminate IC-issues on group level. There is not even a group company where you could do those postings (I am not speaking of postings done by the entities ;of course you can see those; I speak of consolidation-postings done on group level! --> e.g. Debit: Equity // Credit: Shares in companies). And a big part of those consolidaiton-posting (elimination of intercompany receivables/liabilities and elimination of intercompany income and expenses) should happen automated!!

But in the meantime I got several answers from Odoo: there is no Financial Consolidation in Odoo available.

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Florian Pichl
Penulis Jawaban Terbai

I found a good article that explains the difference between "consolidaiton" in a common sense and "consolidation" from accounting perspective:

https://planful.com/blog/what-is-financial-consolidation-definition/
Does Odoo provide those functions? Or a third party app?

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Hamish Ioppolo

We have a solution that fully integrates with Odoo that may be able to accommodate your requirements plus much more;

• “Elimination Entities” can be set up using Essatto’s Hierarchy feature.

• Essatto’s Excel writeback feature allows you to post and annotate all the elimination entries via your “Essatto Aware” Excel Workbook.

• Essatto automatically aggregates your Entities to deliver P&L and Balance Sheet pre and post eliminations

• Other features of Essatto include Budgeting and Forecasting and Business Intelligence incorporating fully drillable dashboards and reports in both Web and Live Link Excel.

Check out our website www.essatto.com

Florian Pichl
Penulis
Hi, that sounds very interesting. Please let me know if there is a possibility to have a presentation or any kind of webinar. Excel integrations are my favorites:-)

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Florian 

Am 18.11.2020 07:17 schrieb Hamish Ioppolo <hioppolo@ioppolo.com.au>:

We have a solution that fully integrates with Odoo that may be able to accommodate your requirements plus much more;

• “Elimination Entities” can be set up using Essatto’s Hierarchy feature.

• Essatto’s Excel writeback feature allows you to post and annotate all the elimination entries via your “Essatto Aware” Excel Workbook.

• Essatto automatically aggregates your Entities to deliver P&L and Balance Sheet pre and post eliminations

• Other features of Essatto include Budgeting and Forecasting and Business Intelligence incorporating fully drillable dashboards and reports in both Web and Live Link Excel.

Check out our website www.essatto.com

Sent by Odoo S.A. using Odoo.


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Eduardo De la Cruz
Jawaban Terbai

Each company has their accounting separately, consolidation module get the data from the other companies and then populates the information, so there's no need to delete the information

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Florian Pichl
Penulis

That is not what I meant. I speak about legal consolidation, meaning the elimination of intercompany issues via postings.

There is a whole software industry doing that, e.g IDL, Lucanet etc (I only know those common in Germany).

So it is not about "deleting" information, it is about eliminating intercompany issues by doing elimination-postings.

Ray Carnes (ray)

Our Consolidation App has (a) a mapping feature (based on GL account) so for complex reports you can specify at the GL account level which transactions to eliminate. This App introduces (b) a consolidation ledger where you can also journal corrections or late adjustments without affecting the GL. Our standard reports support "hiding" intercompany entries while the consolidation app supports "consolidation ledger journal entry" eliminations without affecting the underlying GL of any of the participating companies.

Florian Pichl

@ Ray: that sounds intersting. But I just checked Consolidation-app even on v16 and I do not see an elimination journal at all. Where can you do those corrections inside the Consoldiation app? I still see only the possibility to do one sided elimination-entries which is far from an automatic debit/credit-accounting entry... Or did I misunderstood you?