How to Configure Consolidation in Odoo 16 Accounting | Odoo 16 Accounting Demo | Odoo 16 Tutorials
1As parent companies grow, there are quite many acquisitions, mergers, and investments made. Maintaining the accounts of all these is quite important. As important as this, is the reviewing of the accounts of the acquired companies and the invested companies.
Video Chapters
00:00 - What's a Consolidation?
00:59 - How to Configure Multiple Companies?
01:23 - How to Configure Consolidation?
08:14 - How to Consolidate the Balance?
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Companies maintain a consolidated record of the various subsidiary companies and their financial record. The financial records are combined with the parent company. This review would require modifying the records to match the revenues and expenses between the accounts.
Consolidation of accounts would involve various processes like
- Documenting intercompany loans
- Charge payables, payrolls, corporate overhead, etc.
- Verify and adjust the assets and liabilities
- Correct and adjust the entries of revenue and expenses
- Make currency adjustments depending on the parent company and subsidiary company.
Consolidation of accounts is an extensive and thorough process and one that demands a huge amount of time and effort from the accounting department.
Consolidation is a key process for multi-company organizations and multinational companies. For the financial statement of an organization to be complete, consolation is inevitable.
The consolidated accounts allow the parent company to assess its grip over subsidiaries. The total assets and liabilities are reviewed with consolidation. This review allows a better comprehension of the resulting control of the parent over the others.
Odoo Consolidation is a dedicated app developed to make all the financial consolidation of a company. From the Odoo apps, we can filter the accounting apps to find Consolidation. The module is only needed for companies with subsidiaries or sister companies.
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Music In this video
Song: Achieve It
Artist: Alec Koff
Album: In Business
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