Many businesses regardless of size operate several separate legal entities. Whilst efficient for tax and other purposes, this can often make for additional accounting and perhaps the need to involve external assistance from a business’s accountant and/or auditor. MYOB EXO Intercompany Module enables a business to consolidate its various entities into a single consolidated entity for the purposes of reporting. The consolidation process can happen as frequently as necessary to perform group based reporting. The group company is treated as an entity in its own right and as such all the General Ledger transactions & reporting functions are available.
Each company with it’s own ABN is regarded as a seperate company. In entities with multiple companies, you can consolidate and report across the group. Costs such as overheads can be allocated across companies.
MYOB EXO Intercompany Reporting gives you the ability to:
- Consolidate multiple companies
- Consolidate foreign subsidiaries
- Account for related party and OEI or minority interest companies
- Previously loaded balances of a foreign subsidiary can be re-valued at any point in time to better reflect the current currency rates & therefore position of the group entity
- Automatic calculation and posting of Other Equity Interest (Minority Interest) portion of the current year profit
- Built in controls to ensure data is accounted for correctly via a flag in Source Company to identify that it has been uploaded. This ensures it is loaded to the Group Company once only
- Handle elimination entries at the time of consolidating into the Group Consolidation Entity.
For further information please have a read of the MYOB EXO Intercompany Reporting factsheet.