It’s one thing to transact in different currencies. But what if you have multiple companies with different currencies and need to consolidate? In that case, Sage Intacct global consolidations is indispensable.
Sage Intacct’s global consolidations gives you everything you could hope for in a sophisticated and elegant interface.
- One‐click consolidations… we even allow for scheduled consolidations to happen daily if desired. So, how about a zero-click consolidation?
- Automated currency conversion and cumulative translation
- Automated elimination of inter‐entity receivables and payables, and other accounts as needed
- Multiple consolidated views (consolidate into different currencies!)
- Multiple budgets (you can budget in separate currencies and consolidate those)
- Real‐time visibility to global operations
Features and Benefits
Being the only software recommended by the AICPA, Sage Intacct global consolidations intuitively follows the guidelines set forth in ASC 830/FAS-52, including using ending spot rates for most balance sheet accounts, weighted average spot rates for income and expense accounts, and non-monetary accounts can find the historical rate. We still have the ability to deviate from that guidance where appropriate, but Sage Intacct makes it easy.
But it’s more than that.
Sage Intacct global consolidations can handle complex ownership scenarios and unlimited hierarchies. What might have taken weeks to account for previously is moments away. Intercompany eliminations are also defined so receivables and payables are correctly handled. Differences can be handled, but centralizing processes can support growth and streamline new entity set-up.
All the consolidation can leverage Sage Intacct’s ability to centralize payables and other transactions. Shared definitions are possible to allow a centrally managed list of vendors, customers, and items across entities where that makes sense. A common chart of a accounts with sophisticated dimensions can be used to simplify management and entities.
All these features allows companies to go global with robust, accurate, easy multi-currency software which saves time and reduces errors.