Intercompany and Consolidations
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- Intercompany and Consolidations
Issues
- Too many OOB (Out of balance) ledgers at the month end, while consolidating 11 different subsidiaries / group companies.
- Delayed month end.
- Inaccuracy due to multiple currencies used for the same intercompany postings
What we did
- Set up a framework and introduced best industry practice of using clearing GLs for IC transactions.
- Centralized postings of IC leading to standardization, audit control, accuracy and all-time reconciling multiple TBs.
- Centralized eliminations by using dedicated GLs leading to quick month end consolidation for reporting.