In the second of three blogs, we again pop the hood of our platform and look at one of our latest features – this time, eliminating accounts at the company level.
Our new elimination feature allows you to eliminate accounts at the company level rather than the previous group level, giving you more flexibility in managing intercompany funds.
It means you can remove balances you would not want to see on your consolidated reports, such as intercompany loans or eliminating equity ownership in subsidiaries.
Head to your Chart of Accounts page to see the new elimination options.
The new feature is particularly beneficial for those managing more complex group consolidations, as it offers greater reporting flexibility.
This new feature results from our customers telling us how they do intercompany recharges and what would work best for them within Joiin. For example, one customer told us they recharge all the costs from subsidiaries to the parent company and allocate this to the relevant general ledger (GL) in the parent company. For example, subsidiary salaries are posted to the parent ‘salaries’ GL code.
Our customer wanted to be able to eliminate all the operating expenditures from the subsidiaries when consolidating. Adding a feature to eliminate at the company level means this specific customer can keep consistent GL naming across its group and simply eliminate the subsidiary GLs they need to remove.
You may already follow our New Feature Updates and be aware that we regularly tell the world about our platform’s improvements. If not, you can follow our new feature posts or email us to receive regular updates.
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