Multicompany consolidation

[PaulWells]

Along a similar line to the Departments thread (viewtopic.php?t=190)....

I have been told by someone that with Line 50 Financial Controller, it is possible to create different divisions of one business into separate companies (each with similar department and nominal structure), then FC can consolidate these into one set of accounts.

a) is this correct ?
b) is this simple enough to run ?
c) would you recommend doing this ?

Thanks (and hope this makes sence)

[brucedenney]

Yes, you can do this...

However... You need multiple companies to do it..

1 for the parent and one for each of the sub companies,

You may face some challenges as things like VAT returns, bank accounts, supplier accounts, customer accounts. All will be separate.

This is only worth doing if they ARE run as separate companies with separate sales ledgers, purchase ledgers and bank accounts, otherwise it will not be a lot of help.

Why do you want to do it?

[PaulWells]

Thanks, I thought that would be the case........

The reason is because we are separating part of our business out and they will have their own system, possibly Sage (the current system has multi-level cost centre and expense code hierarchies).

A suggestion to me was that:-

- The 3 divisions of the company can be set up as companies
- Our current cost centres can become departments
- Our current expense codes can become the nominal codes

I think it just needs come careful Chart of Accounts working and perhaps some reporting through Excel to be able to capture the divisions.

Am I able to create custom CoA's for each division, that don't have to include all available codes ?