Emfino consolidation feature is advanced and distinctive - it performs automated and rule-based elimination and adjustment entries not only by accounts from the Group Chart of Accounts (Group COA) but also by financial DIMENSIONS!
This super feature allows you to view CONSOLIDATED results in ANY report! You can analyze product results, department performance, and project profitability at the Consolidated level!
Advantages of Emfino Consolidation feature:
1) Easy setup of several consolidations
It is straightforward to set up several consolidations in the system. One consolidation might be for management purposes, another - representing legal structure for regulatory reporting, and third - to see consolidated results of one country.
2) Entries by account numbers and financial dimensions
Consolidation entries contain the account numbers and dimensions (if applicable), ensuring the possibility of getting any reports, including product profitability, at the consolidated level.
3) Automated elimination entries
The client customizes the account selection for automated elimination in the Group COA.
4) Rule or formula-based adjustment entries
For example, you can create a formula to eliminate an unrealized profit from selling a fixed asset to another Group company. The system will calculate the adjustment entries automatically each month, removing the unrealized profit from fixed assets, accumulated depreciation and depreciation in the P&L. Formulas may help with monthly Minority / Non-controlling interest adjustments.
5) Manual consolidation adjustment entries
No worries. If necessary, manual adjustment entries are always an option.
6) Drill downs to transaction level in consolidated reports
The drill-downs in the consolidated reports contain both the original transactions and the consolidation elimination/adjustment entries.
7) Merging of Partner names' aliases
The same legal entity may have several variations of its name, mainly when data are imported from different countries. The system allows merging several names of the same partner under ONE Partner name. Thus, the system knows all possible variations of partner names and includes all name options in the intra-group checks and consolidation.
8) User-friendly intra-group reconciliation of transactions and balances
Accountants and controllers appreciate that they can see detailed intra-group transactions and balances not only for the legal entity they are responsible for (Legal entity A), but also the transactions and balances the corresponding legal entity has booked towards their entity A.
9) Intra-group reconciliation in original currencies
The intra-group reconciliation is performed in original currencies to avoid any foreign currency translation effects. If a legal entity has issued a loan in PLN currency, reconciliation is performed in PLN.
10) Advanced foreign currency translation
The system ensures very advanced and customizable foreign currency translation to reporting currency at the transaction level. See more "Multi-Currency Translation in Reporting and Consolidation 🚀- Emfino Super Feature #3".
Examples of Advanced Automated Consolidation in Emfino DEMO System
Defining consolidations
Intra-group reconciliation
Defining aliases of Partner names
Balance splits by Partners
Consolidation report
Consolidated P&L report by dimensions
Automated elimination bookings by accounts and dimensions for positions "Loan interest expense" and "Marketing / Selling expense" in consolidated P&L report
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