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Multi-Company Consolidation*

VillageMall’s Consolidated Accounts brings easy-to-use, features to financial consolidations, allowing companies to quickly combine the parent company's account balances and budget information with that of the subordinate  companies, for presentation in consolidated financial statements and other reports. To set up a consolidated accounts, the parent company merely indicate which companies are the subsidiaries that will transfer financial data to the parent. The subsidiary company's GL accounts, and periods are then mapped to the parent. After which, financial data can be transferred to the parent as often as required, using VillageMall's unique real-time synchronisation service.

Records kept

Parent - subsidiary mappings

  • Define the parent – subsidiary structure between the consolidated ledger and multiple General Ledgers.

  • Allow the parent company and subsidiaries to have:

    • Different accounting periods.

    • Different structures for their charts of accounts.

    • Automatic accounting period mappings

    • Semi-automatic chart-of-account mappings.

  • Define account mapping rules, from a simple one-to-one map to one-to-many mappings.

  • Handles new account additions at both parent and subsidiary company chart of accounts.

  • Supports multiple year consolidations.

Tasks supported

Consolidate accounts

  • Create a consolidated ledger that is a full General Ledger,

  • Present consolidated accounts as frequently as you need; for example, monthly, quarterly or annually.

  • Consolidate transactions as often as you need within each consolidation period.

  • Check the status of the consolidation, confirming which General Ledgers have been consolidated for which periods.

Consolidate budgets

  • Create consolidated budgets and forecasts from the budget figures held in the General Ledgers of the subsidiary companies.

Reporting

  • Consolidation Profit & Loss, and Balance Statement.

  • Consolidated Account Balances Analysis report that shows the subsidiary account balances that have been consolidated into each parent company account. It is useful for reviewing each subsidiary's contribution to consolidated balances, account-by-account

Housekeeping

  • Clear down consolidated figures.

  • Check that all accounts in a subsidiary have a valid mapping to the consolidation ledger.

* VillageMall Consolidation is available to companies with five or more VillageMall company accounts.

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