Financial Suite > Consolidation
In consolidation database, you can define all the subsidiary companies and
its home currency, also define the inter-company accounts, the unrealized
gain and loss account as well as shareholder's interest of each subsidiary.
Your different subsidiaries may set up their own chart of accounts format,
which can be different. As it is unfeasible to control all subsidiaries to setup
the chart of account structure, Accounting mapping lets you map each of
subsidiaries' account to a consolidation chart of accounts so that you can
present your group of companies' financial into a single entity.
- Periodic Consolidation Process
Execute this process to view the consolidation results of your group of
companies at any required time. The consolidation process takes care of
elimination entries automatically for receivable, payable, sales and
inventories. You can generate the following consolidation reports:
> Income Statement
> Balance Sheet
> Actual vs Budgeted Statement
> Trial Balance
> Elimination Journals
Currency translation takes care of the different home currencies for each
subsidiary and converts it into the consolidated currency.
- Import Subsidiary Company Data
If you have a subsidiary company using a different accounting system,
TaskHub's import routine lets you inport these subsidiary final accounts
from a spreadsheet. This helps you save the hassle and prevents mistakes
in passing manual entries into the journal screen.
- Processing Adjustment Entries
Besides the inter company auto eliminated entries like receivable, payable,
sales and inventory, other manual elimination entries can be passed
through in the journal entry screen.
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