The trick is to choose the parent BEFORE clicking the COMPANY checkbox:

• Create ACME Global:

• Create ACME USA, but choose ACME Global as the Parent BEFORE you click the COMPANY box:

• Do the same for ACME California:

• Add the other records as you normally would.  You will then see your structure correctly:

• With some added fields in the Tree View, you can see how your records are structured:

Note:

In this situation, each COMPANY is responsible for it's own Invoices.  Invoices for INDIVIDUALS will actually be booked to the Parent COMPANY.  So Invoices for ACME USA and Paul Smith would both be booked to ACME USA.  

(This can be changed, for example if you want ACME USA Invoices to be booked to ACME Global, with customization.  You need to expose the commercial_partner_id field and let users edit it.)