Sage Intacct Consolidations: What They Are and Why They Matter

October 22, 2021

by Jared Bollier, Digital Marketing Assistant

Sage Intacct was built from the ground up with multi-entity and multi-currency in mind. It’s time to switch to Sage Intacct if you’re dealing with decentralized payables, inter-entity transactions, different currencies, and domestic or worldwide consolidations.

Continuous multi-entity consolidations are possible with Sage Intacct, and they are streamlined across all entities. With the ability to automate inter-company eliminations at the point of consolidation, you’ll be able to close the books more quickly and access interim summary statistics at any time, ensuring that your financial statements are ready when you are. The dynamic dashboards provide visibility into each unit as well as the entire enterprise.

Multi Currency at its Core

Managing different currencies using Sage Intacct’s multi-currency solution is simple since it seamlessly connects and provides you with the worldwide data you need. The simple and intuitive displays for base and transaction currency do not require substantial training from your staff The ability to report in both a base currency and several transaction currencies allows you to manage your business effectively.

Currency rates are automatically imported from OANDA’s live exchange rate table, saving you time and improving exchange rate accuracy. The exchange rate is tracked when transactions are entered and reported for subsequent reference in reports, and your unrealized gain and loss on foreign currency transactions are automatically computed so you’re ready for month end.

Multi-Entity Consolidations

Get granular visibility with eliminations and currency implications recorded as journal entries at the touch of a button, and make post-consolidation adjustments with ease. To improve audit trail, see inter-entity transactions alongside the source entry as a single journal entry transaction. Consolidate complex ownership arrangements such as minority and partial ownerships by automating intercompany eliminations at the point of consolidation. You may close the books faster and check interim summary data at any time with Sage Intacct, making your financial statements ready when you are.

Easy Consolidation Set-Up

Create new entities quickly and easily with configurable rules for inter-entity transactions, bank accounts, and more. You can have new entities inherit your existing lists, process definitions, and charts of accounts with this accounting software for multiple entities, allowing them to be readily consolidated. Alternatively, you can easily define each new entity with its own set of definitions. You can also have one shared chart of accounts if you wish to. Sage Intacct makes it simple for you to set the rules.

Integrated Multi-Entity Structure

Domestic and global locations, single and multiple base currencies, and simple and complicated ownership arrangements are all handled by this unified financial consolidation accounting software system. Shared definitions also allow you to exchange vendor, customer, and item lists across entities, allowing you to create new entities faster and report on cross-entity and multiple entity data.

Sage Intacct Consolidations Overview

Sage Intacct was written with consolidations, multi-currency, and multi-entity at it’s core. Find out how Sage Intacct can help your organization if you’re dealing with decentralized payables, inter-entity transactions, different currencies, and domestic or worldwide consolidations.