Many of you are already using Calxa to consolidate multiple MYOB, Xero or Reckon files but did you know you can do this with files in different currencies? Whether you are using AUD, NZD, USD or GBP the principles are the same and very easy to manage.
We like to keep everything simple in Calxa and this feature is no exception. Follow these simple steps and you’ll have consolidated, multi-currency reports in no time:
- Set a Consolidation Rate in Organisation Management for each entity. For your home currency leave this as 1 and set to the current exchange rate for the foreign entities.
- Run your consolidated balance sheet, budget and cashflow reports.
Calxa will take the data from each company and multiply it by the consolidation rate so you can compare equivalent figures, giving you the totals in your home currency. What could be simpler?
If you are consolidating companies where some members of the group are partially owned, set the Consolidation Rate to the percentage owned. This will allow you to report on a group showing the total equity belonging to the group.
For a detailed breakdown of how to do Multi Currency Consolidations, click here.