Many companies belong to an international group and are therefore obliged to report according to a global chart of accounts established for all the companies in the group.
For this reason, I believe that it would be useful for Business Central to have the possibility of maintaining a parallel or secondary chart of accounts whose accounts can be individually linked to the accounts of the main chart of accounts.
The financial reporting functionality could be extended so that lines could be defined on the accounts of the secondary chart of accounts. This would require that the functionality of the analysis views also be extended.
Finally, if this functionality were available, group companies would be able to share their financial reporting structure in a simpler and more convenient way.
Comments
While updating your Local Chart Of Accounts, section "Consolidation", we need to manually type the consolidation GL Account (D & Cr).
We should be able to select the Consolidated Chart Of Account in the Consolidation Company, in stead of typing it.
We have already linked to the consolidation API.
Category: Financial Management
Yes this is very critical for big groups with international developments. Oracle NetSuite has something called "Accounting Context" which can allow to switch from local GAAP to an IFRS view of your accounts whether it is for daily entries (journals, invoices), reporting (Trial Balance, Detailed TB, GL Entries), posting setup overview.
This would be a great addition to catch up with other ERP solutions in the market.
Category: Financial Management