One of the essential things for business growth is effective account-keeping. It’s important to check out the accounts of gained and invested companies in an organization. Consolidated Accounts in Odoo15 help you to quickly estimate the assets and liabilities of a company. The different processes in the consolidation of accounts are verification of liabilities, assets, expenses, and currency adjustments This helps you in avoiding errors and increases your accuracy. The parent company can access control over subsidiaries through merged accounts, and the financial consolidation of a firm is managed fluently with this module. This blog will help you learn more about the Configuration and Operations in Odoo 15 Consolidation module. Under the configuration menu, we can see various menus similar to Periods, Account Groups, and Consolidation. elect the Periods Menu to configure Analysis Periods.
Then you have to give details like Consolidation, Start Date, State, and End Date. Users can create new Analysis Periods by clicking on the create icon.
Choose the consolidation and you can see the target currency generates automatically. Elect the starting date for Analysis Ages in the launch Date field and the last day in the End Date field. Click on the save button. Now, you can analyze the merged Balance, Accounts, and Journals.
Using the Consolidation module you can fluently develop account groups for a specific consolidation. You can see a list of already created account groups by clicking on the account groups menu under the configuration tab.
For creating a new one, just click on the create button.
Enter the group name. We can see a tab named Consolidated accounts tab where you can add the accounts.
- The subgroups automatically generate inside the Subgroups tab.
- You can add the Account Group when creating a new Consolidation Account for a consolidation.
- The next menu under the configuration tab is Consolidation
You can see a list of all the created consolidations in the Consolidation Window.
You can create a new consolidation by clicking on the create button.
Add the Consolidation Name and elect your Target Currency.
Using Add a line option, Users can select the merged companies. After, clicking on the Save button, created companies will be visible inside the Company Name.
You can develop Accounts, Groups, and Periods in the Consolidation window itself.
Still, You can create Account Groups for a specific consolidation If you elect the Groups sub-menu.
The Accounts icon ensures the addition of consolidation Accounts for the consolidation window.
Give the Account Name and choose the specific Group. also, you can choose the Currency Conversion Method such as ending Rate, factual Rate, and Average rate. You can add Accounts by clicking on the Add a line option. In the Accounts section, you can see the accounts related to your company’s income.
By clicking on the Review Chart of Accounts, you can fluently analyze the Consolidation Accounts.
You can access the merged accounts journals from the Consolidation Entry menu in the Operations tab. Journal entries are automatically saved after computing the merged analysis. The list of existing journals is available.