One of the things the Calxa developers are working on is a feature that has been requested by customers and accountants alike: Multiple Organisation Consolidations. Not long now and our developers will have something for us to test.
So, lets have a look how this would work. Of course, developers will reserve the right to change some details before release. But humour us for a minute and look at what Calxa Consolidations could look like.
How will it work?
- Set up an Account Tree in Calxa with the header accounts you want.
- Name the Account Tree something recognisable like “Consolidated Accounts”.
- Copy this Account Tree to the other files and start allocating/dragging sub accounts to each header. Make sure not to leave any unallocated accounts.
This means you don’t need to have an identical Chart of Accounts in each organisation.
The beauty here is that there is no limits to how many Calxa databases you want to consolidate. You can merge data from MYOB files with Xero data and QuickBooks figures. Isn’t that exciting?
- Do the usual end-of-month bizo in your accounting system and update the file in Calxa.
- Use an additional accounting file to record elimination journals to exclude inter-company transactions
- Select report criteria and select the organisations you want to consolidate. The key here is the setup of the account structure.
- Choose your Account Tree and the reporting period.
- Now press Display.
- Voila, magic just happened.
Who will need this
This feature will come in handy for businesses that have multiple ABN entities but wish to report on a consolidated cashflow position.
Or when not-for-profit organsiations have multiple data files but need to combine the figures for board reporting.
So life should get easier and simpler. Just watch this space.
Happy budgeting from the Calxa Team.