Global Consolidation overview

Global Consolidation provides consolidated reporting for multi-entity companies with two or more base currencies used across entities. A company that would benefit from Global Consolidation is one with business entities located in different regions.

Global Consolidation example

An example of such a company is a global chain of retail stores with headquarters in the United Kingdom and business entities located in Bristol, London, Toronto, Los Angeles, and Sydney. Each business entity uses the local currency as its base currency. Each business entity is wholly owned by the company and the entity structure is flat, meaning there are no subsidiary or multi-level relationships among the entities.

Global Consolidation features

Global Consolidation includes all the functionality provided by Domestic Consolidation, the simplest Consolidation subscription provided by Intacct.

Domestic Consolidation features

Global Consolidation includes Domestic Consolidation features as follows:

  • Reporting periods with formalized, audit-ready elimination entries for local compliance with traceability standards.
  • Inter-entity setup with accurate auto-elimination for inter-entity transactions.
  • Accurate and transparent management and accounting standards compliance reporting, giving a big-picture view of your organization's consolidated financial health.
  • Drill down into consolidation journals for audit traceability and reporting transparency to understand your consolidated numbers at-a-glance.

Global Consolidation features

Global Consolidation provides all the features of Domestic Consolidation, plus:

  • Automatically computed OANDA exchange rates eliminate the need for manual exchange rate management.
  • Reports in the currency you want, whether it's for headquarters or a local business entity.
  • Automated cumulative translation adjustments (CTAs) for compliance with accounting laws and accurate multi-currency consolidation accounting.
  • Flexible addition and removal of entities to model organizational structure based on how you report results.
  • Full control of auto-eliminations, currency translation rules, and dimensions to consolidate and create detailed reports.

Automate multi-currency translation

Global Consolidation automates multi-currency translation by:

  • Automatically applying spot rate for balance sheet accounts.
  • Automatically applying the weighted average rate for income statement accounts.
  • Applying the historical rate to the valuation of non-monetary accounts, including fixed assets, inventory, depreciation, or amortization accounts for capital assets, goodwill, additional paid in capital, and retained earnings.

Learn more about translation rates.

Reporting

Use standard and financial reports to learn more about your consolidated books:

  • Create and run any financial report on the reporting book.
  • Leverage standard financial reporting functionality to run any reports you want.
  • Drill down to the source General Ledger entries.

Learn more about reporting on a consolidation book.

Flexibility

Global Consolidation offers flexibility in:

  • Creating different reporting groups for specific reporting purposes.
  • Enabling on-demand consolidation as needed.
  • Enabling scheduled consolidation as needed.
  • Duplicating existing consolidation books.

Learn more about scheduling recurring consolidations.