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Financial Consolidation

  • 1.  Financial Consolidation

    Posted 17 days ago
    We are on GP 2016. We are looking to improve our consolidation process. We are using Excel , We have also tried setting up separate companies and posting the month end trail balances for each company into GP, plus 2 eliminations companies. The final product is good but it is time consuming to switch between 7 entities. Our largest sub is on Navision in Germany, others or small supported by 3rd party accountants. We have 5 currencies.

    I welcome suggestions or add on Software solutions.

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    Leanne
    NJ
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Financial Consolidation

    GOLD CONTRIBUTOR
    Posted 17 days ago
    Edited by Christine Boisvert 17 days ago
    Hi Leanne,

    Vivid Reports is an excellent option for financial reporting with consolidations, eliminations, multicurrency and drilldowns to name a few of our features. I would be happy to discuss further at a time convenient to you. You can email me at christine.boisvert@vividreports.com. We also integrate with Dynamics GP and NAV.

    Thank you

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    Christine Boisvert
    Technical Sales / Report Trainer
    Vivid Reports
    Winnipeg MB
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Financial Consolidation

    GPUG ALL STAR
    Posted 17 days ago
    Hi @Leanne Diefenbach,
    A few things come to mind without knowing a ton of detail here.

    You could consolidate your companies into 1 & then use a segment of the COA to designate which trial balance pertains to which entity AS WELL AS the eliminations company.
    Ex.) If my COA is XXXX-XX now, I'd maybe make my first segment the "Company" & then it'd look like X-XXXX-XXX​. Then, in Management Reporter or any reporting tool for that matter, you just filter on your first segment.

    If you wanted to get extra fancy here and see some of the benefits that you DO GET w/ multiple companies (namely security), you should check out Binary Stream's multi-entity management.

    Other things that come to mind...
    - Integrations to import your trial balances from Excel
    - Month-End Automation tools (Blackline is very good but I've found can be a little $$)
    - More robust reporting tools (MR is great if that's what you're using but obviously only pulls from GP data. Vivid like @Christine Boisvert could be a great option to be able to query multiple sources at once & then put it altogether for financial reporting.

    I've worked @ an enterprise co for many years where consolidated reporting has been challenging to say the least but we've implemented some nifty solutions.  Happy to brainstorm further ideas, just let me know!
    ​​

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    Kyle Malone, CPA
    ⭐GPUG Allstar | Chapter Leader - Louisiana (New Orleans)
    GP Admin - CGB Enterprises, Inc.
    Lead Consultant/Blogger - https://alacarteGP.com
    Solugence | Find the software that FITS your business + integrates with GP. https://solugence.com
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 4.  RE: Financial Consolidation

    SILVER CONTRIBUTOR
    Posted 16 days ago
    Having separate companies in GP and posting the data there sounds like it could work, if you use management reporter to build a consolidated income statement and balance sheet?.  You could talk to Noah Mosely or Derek Krebs at MSX group (dkrebs@msxgroup.com) for assistance, they helped me build ours, though much simpler than yours.

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    Lucy Shows
    director of budgeting and decision support
    Hattiesburg Clinic P.A.
    Hattiesburg MS
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    Academy - Online Interactive Learning from Experts


  • 5.  RE: Financial Consolidation

    TOP CONTRIBUTOR
    Posted 16 days ago
    Thanks @Lucy Shows. Hi @Leanne Diefenbach.

    I would lean towards separate companies in GP including a consolidated USD company and use Management Reporter for your reporting. Similar to @Kyle Malone, CPA's comment above, I'd use segments in the consolidated company to track the company and the eliminations. MR does handle currency conversion, but it is lacking in year-to-date conversions. Email me at noah.moseley@msxgroup.com if I can help.

    Be well.
    ​​​

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    Noah Moseley, MSX Group Senior Consultant
    Academy Instructor for Management Reporter
    Noah.Moseley@MSXGroup.com

    View our GPUG Partner MSX Group listing: https://www.gpug.com/engage/findacompany/companyprofile?UserKey=275d1f3a-73b4-4a58-b0d8-7395d682dbc3
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 6.  RE: Financial Consolidation

    SILVER CONTRIBUTOR
    Posted 16 days ago
    Edited by Sarah Brewster 16 days ago
    Hi @Leanne Diefenbach, you have a lot of good suggestions here for how to do your consolidation.  Kyle's suggestion to use a segment of your chart of accounts to track each separate company is a good one!  He also mentioned importing your trial balances to GP.  That's how my previous company handled it - we used Integration Manager to import trial balances to each company every month and then pulled it together in Management Reporter.  That wouldn't involve having to switch between entities nearly as much as manual entry does.  Setting this up is fairly simple, especially compared with overhauling your chart of accounts.

    Since you're currently using Excel, I wanted to suggest another option.  I work in implementation and support for ActivReporter, an Excel based reporting solution for GP.​  ActivReporter would allow you to create reports on your GP data as well as pull in and use data from other Excel workbooks, such as workbooks sent from all your other companies that aren't in GP.  Since the reports are created in Excel, you can leverage it and use normal calculating functions to perform the necessary eliminations.  And of course, ActivReporter supports multicurrency, using the same setup in GP that Management Reporter uses.

    Let me know if you have any questions, or if you're interested in taking a closer look with a demo!

    ------------------------------
    Sarah Brewster
    Implementation and Support
    ActivReporter by AccountingWare
    Email me! sbrewster@nqativ.com
    Lubbock TX
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    Academy - Online Interactive Learning from Experts


  • 7.  RE: Financial Consolidation

    TOP CONTRIBUTOR
    Posted 16 days ago
    Hi Leanne,
    One product that I'm having fun in educating partners about that could help you is Prospero -  matter of fact MSX Group has published this software.  They are the old Microsoft guys who helped with MR, FRX and Forecaster.  Famous at GPUG for that experience.

    But check out their solution that could be a great replacement - you can even slide over what you have created over the years to this product!  It works

    https://msxgroup.com/products/prospero-overview/

    ------------------------------
    Kim Peterson
    701-261-7307
    Kim@DynamicsConnections.com
    #KimPetersonGP
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    Academy - Online Interactive Learning from Experts


  • 8.  RE: Financial Consolidation

    SILVER CONTRIBUTOR
    Posted 5 days ago
    Edited by James Hummer 5 days ago
    If you are combining a Nav Company with GP companies and also doing 5 currencies you will probably need a Data Warehouse solution.  I suggest that you look at Solver Reporting.     It is also a cloud solution for a multi national solution.    Look at Solverglobal.com for more information.

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    James Hummer
    Consultant
    Solver
    Los Angeles CA
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    Academy - Online Interactive Learning from Experts


  • 9.  RE: Financial Consolidation

    Posted 4 days ago
    Hi Leanne!

    I would recommend checking out Vivid Reports. We purchased it a few months ago and it has increased the speed and accuracy of our reporting.  It is much easier and more intuitive than other reporting tools I have used.  Setting up different currencies and consolidations are very easy.  They also have great training where you will be able to create your initial report(s) while learning Vivid.  In my experience any support type questions have been answered almost immediately.

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    Marilyn Hunter
    BCforward
    Indianapolis IN
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    Academy - Online Interactive Learning from Experts


  • 10.  RE: Financial Consolidation

    GOLD CONTRIBUTOR
    Posted 3 days ago
    Leanne,
    It has been said by others in this thread already, but we have over 50 different entities that we consolidate into a single company at a summary level. This consolidation company gives us a single place to be able to process consolidation/elimination journals, allows for revaluation of the final entries and so on. Having a single company to report off of also makes reporting easier and there are a number of products that you can use in that space (including Excel.
    We have automated processes that run multiple times a day using econnect, but it is equally possible to do this with very little complexity using an excel export from the source company and a copy/paste into the consolidation. This means you can get this from any other system that you may have in the group.
    We bring the originating companies in as journals with the originating currency as the company currency and the consolidation company in the home currency of the reporting company.
    Hopes that this may give you some ideas on this approach.

    Regards,

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    David Joosten
    Technical Manager - CTO
    Premier FMCG (Pty) Ltd
    Midrand
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    Academy - Online Interactive Learning from Experts


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