Consolidation

Easier closing process

Get daily or more frequent updates on intercompany trade. Reports show differences between companies. Drill down to accounts and transactions to match transactions and identify the root causes of differences and errors. This means that intercompany differences can be identified and corrected in the respective ERP system(s) before entering the busy closing process.

Subsidiary ownership is registered once and allows for changes to be entered as they occur. Transactions for depreciation and elimination are generated for group reporting.

Manual adjustments can be managed using voucher templates. Voucher templates are a set of transactions that can be reused on a periodic basis, where you can adjust companies, accounts, amounts and counterparts, if relevant.

Preview journal transactions from manual adjustments and subsidiary ownership. Update status to keep track of progress on the overall process, to meet the closing deadline.

Benefits of Profitbase Consolidation:

Avoid creating corrections due to intercompany differences

Faster and easier to do the month-end closing

Easy data integration for group reporting

Easy Web user interface

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Features

Faster

Ongoing review internal trade differences

Preview all journal transactions

User-friendly web interface

Support for alternative group structures for elimination

Integration

Fully integrated procurement model that takes care of investments in subsidiaries

Fully integrated manual consolidation entries

Easy data integration for group reporting

Automatic

Automatic elimination at different levels in both legal and management structure

Automatic subsidiary share ownership depreciations generated to relevant reporting period

Recurring manual adjustments and automatic elimination posting and reversing posting in next period

Currency

Automatic currency conversion according to respective company functional currency

Built-in currency conversion including adjustments for differences between profit-loss and balance exchange rate differences

Modules

The following modules make up the Profitbase Consolidation solution:

Reporting module to identify intercompany trade differences

Acquisition module to manage subsidiary ownership

Manual input to make additional adjustments to the group accounting

Closing management allows you to track the deadlines for the closing process

Intercompany differences and transaction matching

Automatic eliminations are performed and presented as intercompany differences in built-in reports. Drilldown reports make it easy to identify the source of errors and differences – typically missing booking from one of the parties, using different exchange rate between the parties, etc. From the party and counterparty report showing the difference, you can drill to account and transactions to match transactions between parties to identify errors and missing bookings.

Manual Input

The purpose of Profitbase Finance Manual Entries is to provide manual corrections to general ledger for group reporting purposes. All debit (+) and credit (-) transactions must be entered individually and assembled under a voucher identity. Each transaction can also have a comment for documentation purposes.

Closing Management

The purpose of Profitbase Finance Closing Management is to coordinate the closing process. The process is divided into preparation-steps to be performed before and the closing-steps to be performed after the books are closed for the period.

Acquisitions

When a Parent Company acquires a new subsidiary, all necessary entries related to the group accounts will be pulled together for the subsidiary booked values. Real values/ goodwill and fixed assets settings like depreciation percentages are entered to calculate the following:

Goodwill

Deferred taxes

Minority interests

Surplus depreciations

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