In the product
Consolidation
Consolidate across Tally companies, SAP company codes, Oracle ledgers and QuickBooks entities, with multi-currency translation.
Consolidation
Combining the accounts of a parent and its subsidiaries into one set of statements, as though the group were a single company.
Every intercompany balance and transaction is removed, subsidiaries in other currencies are translated, and the share of profit belonging to outside shareholders is separated out. What is left describes the group’s dealings with the outside world and nothing else.
The work is rarely the arithmetic. It is that six entities keep their books in three systems on different charts of accounts, and each closes on its own schedule.
Also written: consolidated financial statements.
Related terms: Intercompany elimination, Non-controlling interest, Functional currency.
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