Proper care is given for financial statements, and possible to view the reports when a company moves above a parental company. One of the essential parts for business growth is mergers, acquisitions and investments. The combination of various financial statements into accounting is consolidation, and financial accounts of firms are applied to a parent company for the reposting purpose. On the other side, the step of merging one or more items into a single entity is known as consolidation. The liability and assets of a subsidiary company values become the same as parent companies at the consolidation time of financial statements.
In the previous time, consolidation procedures took place manually by the accounting/finance departments of a company. It increases the rate of mistakes and instils confusion among people. Most companies decided to take up softwares for the assistance of consolidation of financial statements. Odoo ERP is essential for managing your business functions and operating efficiently.
This blog assists you to know about salient features of the Odoo 15 Consolidation module for users.
We can easily consolidate the financial statements and accounting reports through the Odoo 15 Consolidation module. Users can maintain the Consolidation Entry, Account Groups, Periods and more aspects using the Consolidation module. Let's look at the detailed information about several features inside the Odoo 15 Consolidation module.
Access the Consolidation records easily
The work process and data are organized easily using the Odoo 15 Consolidation module. We can see the details of the consolidation account in the Odoo consolidation dashboard, and it assists in getting the records fastly. The manual consolidation process takes a long time to visit the past consolidated records. You can access every record easily using the Odoo 15 Consolidation dashboard window. Here, we can view the Expense, company information and Income inside each consolidation as depicted in the screenshot below.
The Dashboard window is visible in List/Kanban formats, and users can develop a new consolidation for their business purposes.
Easy to Develop a New Consolidation
A new consolidation analysis builds fastly through the Odoo 15 Consolidation module. Choose the Dashboard tab, and we can view the Create icon in the window. The new page provides necessary information related to consolidation, such as Start Date, Target Currency, and End Date. The firm's details and essential data such as Consolidation Rate, End Currency Rate, Company, and more are visible inside the Company Periods tab.
Evaluate Consolidation Entries in a company
It is easy to examine the journals of companies working under a parent business using the Odoo 15 Consolidation module. Users can analyze the balance, period, and consolidated accounts inside the Journals window. For that, select the Consolidation Entry menu in the Operations tab, and you can access the Analysis Period, Name, Balance, and whether automatically generated/not. You can see the Manually Created and Auto-generated journals separately using the Filters option.
Configuration Feature
The Configuration feature of the Odoo 15 Contacts module configures the Consolidation, Periods and Account Groups. You can generate a new Consolidation report regarding the financial statement by selecting the Consolidation menu in the Configuration tab. The list of recent consolidated reports is visible on this page, and the Create icon assists in generating a new one. Moreover, we can view the Consolidation Accounts, Target Currency and Analysis periods inside every consolidation separately.
Account Groups
Choose the Periods menu from the Configuration tab, and you can analyze the Company Periods inside each consolidation. The Analysis Period window displays each consolidation's state, End Date, and Start date details. It is easy to configure the dates of the consolidation process with the Analysis Periods window. You can develop a new Analysis period for a consolidation using the Create icon. A report for specific periods is obtained simply by automatically generating reports. This feature allows you to start the process at any time.
Periods
Choose the Periods menu from the Configuration tab, and you can analyze the Company Periods inside each consolidation. The Analysis Period window displays each consolidation's state, End Date, and Start date details. It is easy to configure the dates of the consolidation process with the Analysis Periods window. You can develop a new Analysis period for a consolidation using the Create icon. A report for specific periods is obtained simply by automatically generating reports. This feature allows you to start the process at any time.
To set a Target Currency for Consolidated Report
The Odoo 15 Consolidation module defines the consolidation reports generated in a target currency. Companies' currency value in various locations is different for a large organization. It is difficult to explain the profit of a specific company in several currencies such as INR, Dollar or Pound. So, you can convert the currency value into the same rate for a better understanding of company profit. It is essential to transform a company's currency into a target currency once you select it in the Odoo 15 Consolidation module. You can add the financial records of specific companies in consolidation inside the target currency section.
Easy to Close and Re-compute the Consolidation
After creating a consolidation record, you can compute it again using the Re-compute option. Click on the Re-compute icon in the Consolidation window after making necessary changes. The Close button in the Consolidation window assists in applying the Closed stage after completing your consolidation report. All these changes are reflected in journals, and you can analyze them in detail.
Time-Saving Process
We need less timing and monitoring for the consolidation process through the Odoo 15 Consolidation module. It saves time, and there is not much workload for generating a consolidation report. You can define the consolidated companies, set up consolidated accounts and develop the first analysis period within a few times. Moreover, the consolidated balance is visible inside each consolidation report. We can access the mapped and unmapped accounts from the created consolidation reports in the Dashboard window.
We discuss several features of the Odoo 15 Consolidation module here. One of the great tools for an organization's subsidiaries in foreign provinces is the Consolidation module. It is easy to finish the consolidation accounts process and create a new consolidation record using the Odoo 15 Consolidation module.