If you are in essence multinational company with branches in foreign countries then consolidated Balance Sheet or Statement of Profit and Loss are important.
Consolidated reporting could be achieved by various methods including simple export to Excel via queries from branches. There are ISV supported instruments to do the job. In our opinion the method of General Ledger entries consolidation in specially created company should be also considered as it naturally resolves such possible road blocks as multicurrency. Let’s come through the steps:
1. Standardize account structure and make chart of accounts similar in each subsidiary. The recommendation might look simple but if you have each SAP B1 hosted company implemented in not synchronized manner in each respected country then this recommendation might be not an easy one to make it happen
2. Create new company in Business One and name is ‘Consolidated General Ledger.’ This company should not be seen by the user who has the duty to enter documents. There is no need to setup customers and vendors here as it is only intended to accept General Ledger entries via automatic integration. Here in General Ledger be sure that you are adding accounts associated with internationally located branches tax and legislation compliance
3. Consolidation Technology brain storming. There are several options to pick up the tool. Data Transfer Workbench is good one if you are comfortable to do ODBC connections to all your foreign subsidiaries and imitate CSV templates in custom SQL View. The other option would be SDK programming in Microsoft Visual Studio. It might look like technically challenging but the code should only deal with one document type. So we think that you can ask your VAR or consulting firm to help you with small coding project
4. Business Logic. The fact that in each country you have to operate and record transactions in accounting in its local currency requires you to flip over currency in imported GL transaction from let’s say Brazilian Real or Chinese Yuan or Russian Ruble to US Dollar. Newly entered or automatically posted from modules transactions should be picked by integration and sent to Consolidation company. There might be human errors associated with such issues that new account was introduced in say Brazilian subsidiary GL and it was not created in Consolidated entity. This is why it is good idea to run account existence checking script and if not account should be automatically added into consolidation database prior to entries integration. If you do not add missing accounts on the fly then consider error log file and manual entry after the failure was reported
5. Is this method applicable to the installation with multicurrency only? No as it should work even if all the business entities are recording in US, Canadian Dollar or you name the currency. Multicurrency treating step is optional in this situation
6. Next step is simply to open P&L or Balance Sheet report in Consolidated company and enjoy the results
7. Please call us 1-866-304-3265, 1-269-605-4904 (for international customers, where our representative pick up the phone in St. Joseph, MI call center). help@efaru.com. We have local presence in Chicagoland, Southern California, South West Michigan and Houston and Dallas areas of Texas. We serve customers USA, Canada, Mexico and Brazil nationwide and internationally via web sessions and phone conferences (Skype is welcomed). Our consultants speak English, Spanish, Portuguese, Russian and Chinese. We feature our expertise is in International Business. We provide second opinion in SB1 data migration, customization and reporting
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