What is Consolidation : To consolidate (consolidation) is to combine assets, liabilities, and other financial items of two or more entities into one. Consolidation also refers to the union of smaller companies into larger companies through mergers and acquisitions. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements.
Consolidation in Odoo : Consolidation is the process of combining multiple financial statements into a single one in accounting. We can manage the operations of a firm with the Odoo ERP system. Accounting and finance modules are included in Odoo. The Consolidation module helps with the consolidation of financial statements. When your firm grows in size, there will be a number of financial considerations to make.
In this blog we will discuss the features and advantages of the consolidation module in Odoo V15. Let’s have a look at them all.
Accessibility : After clicking on the consolidation icon when you come to the dashboard of itself then you can see all the consolidated accounts in detail. Through the dashboard you can easily access the records. If you want to see previous consolidated records during conducting the consolidation process manually, it will take a lot of time. Every consolidation record can be viewed directly from the dashboard with the Odoo V15 Consolidation module.
Efficiency : Through this module the data and work progress can be organized in a very good manner. You can see the consolidation reports in complete detail and you can review them quickly. Each subsidiary’s financial statements are clearly declared.
Saves Time : Consolidation takes a lot of time and requires careful monitoring. With the help of this module the process becomes lighter and it can save a lot of time. With the help of a few clicks you can determine the companies of the consolidation. You can set up consolidated accounts to make the chart of accounts ready, and create an analysis period.
Account Groups : You can create an account group and you can also edit them very easily through this module. When you create an account group then you can easily review the reports. You can group consolidated accounts into different account groups along with their subgroups. You can also set under which parent account group each account will be placed.
Configuration : The most important advantage of the Odoo is to customize the modules according to your business requirements. As you configure each and every module of odoo according to your business needs. You can also configure this module as per your needs such as Periods, Account Groups, and Consolidation. You can Simply select the Consolidation option from the Configuration menu to generate a new financial statement consolidation report. You can see the existing consolidated reports and you can create a new one with the help of the create button.
Easy to create new consolidation : Through this module you can create consolidation analysis in an easy going manner. When you click on the create button from the consolidation dashboard then a new window will appear. In this window you can see the various fields such as consolidation Name, Target Currency, Start Date, and End Date, the list of companies and the period with details such as Consolidation Rate, Average Currency Rate, and End Currency rate.
Journals : Consolidation module makes it simple to examine and evaluate the consolidation entries and journals of all companies that work under the same parent business.
The Consolidation module is a great tool for organizations with subsidiaries in other countries. With configuration and integration, the consolidation module helps the accounting easier. I hope this information will be helpful for you. If you want to read about the other modules functionality reach out us Planet-Odoo