MYOB Exo Intercompany ReportingConsolidate multiple companies into a single entity to simplify your accounting and reporting
Many companies operate several different legal entities, either for compliance purposes or because of shareholding differences, or a variety of other reasons. However, this organisational structure leads to additional accounting needs, far above what you can accomplish with your internal team. By leveraging the Intercompany Module in MYOB Exo, you can consolidate your various entities into one entity, making reporting and accounting much easier. MYOB Exo‘s core Finance module is reliable and robust, giving you strict control over your General Ledger, order process, and reporting functionality. The Intercompany module simply expands on these core features, giving you the power to manage all your entities from a single source of truth.
Remove the manual tedium of accounting for expenses that cover your entire group and lower your error rate when reconciling and consolidating your different accounts. The Intercompany module is tightly integrated into your core MYOB Exo platform, so your data flows seamlessly across the entire system keeping all modules up to date.
The overall group account is regarded as an entity, as so you have access to all the typical General Ledger and reporting functions. However, the entities are only consolidated for the purposes of building reports and are still regarded as separate companies. As a result, individual General Ledger transactions and reporting functions are still available within each individual entity, so their teams can continue with the same information they have always accessed.
What are the benefits of MYOB Exo Intercompany?
There are many benefits to including the Intercompany module into MYOB Exo:
- Profit or loss reports can be prepared by company or cost centre,
- Enter a single AP invoice and expense it across multiple companies,
- Consolidate unlimited companies as frequently as you like,
- Define contra accounts and use the elimination wizard to identify and manage elimination transactions,
- Hierarchical Chart of Accounts gives complete visibility across all companies,
- Enter a single General Ledger journal to multiple companies.
- Consolidate accounts from your overseas businesses
The MYOB Exo Intercompany module can also be used to consolidate and convert foreign subsidiary balances and transactions into the currency of the group company. These balances can also be re-valued at any time to reflect updated currency rates, giving you a clearer picture of the entire organisation’s position.
Further consolidation features in the Intercompany module
- Automatic calculation and posting of the Other Equity Interest (Minority Interest) portion of the current year’s profit,
- Built-in controls to ensure data is accounted for correctly, ensuring that transactions and data are loaded into the Group Company once only,
- Handle elimination entries at the time of consolidating into the Group Consolidation Entry.
Working with a recognised and experienced MYOB Partner is the key to building a system that meets all of your organisations’ needs. To learn more about how the Intercompany module for MYOB Exo can help improve your team’s efficiency, contact us at firstname.lastname@example.org or call 1300 857 464 (AU) or 0800 436 774 (NZ). For further information please have a read of the MYOB Exo Intercompany Reporting factsheet.