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Suppose 2 Companies Are There, They Have Maintained Separate Chart Of Accounts, How Can You Consolidate Their Activities? |
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Answer» In this case you have to have a additional field in the COA called "ALTERNATE ACCOUNT". Your month end consolidated reports must be based on the alternate account. Example: Retail sales company has 52000.000 as the Purchase account Property Management Co. has 54240.912 as the Purchase account Both these account will have a common "alternate" account example CO52000.000 PLEASE note - If you are using alternate accounting; ensure "Account CREATION" is in the hands of "Central" finance so that they can allocate a "alternate number". In this case you have to have a additional field in the COA called "Alternate Account". Your month end consolidated reports must be based on the alternate account. Example: Retail sales company has 52000.000 as the Purchase account Property Management Co. has 54240.912 as the Purchase account Both these account will have a common "alternate" account example CO52000.000 Please note - If you are using alternate accounting; ensure "Account Creation" is in the hands of "Central" finance so that they can allocate a "alternate number". |
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