Intacct, an accounting Web services provider, yesterday announced the it has added Intacct Consolidation to its suite of Net-native applications.
A companion application to Intacct’s enterprise-class General Ledger, Intacct Consolidation is an optional, integrated application that is designed to enable the customized, automated roll ups of multiple subsidiary companies into a parent company.
The application is built to allow both accountants and business managers to administer and map subsidiary companies to parent companies, to correlate subsidiary companies’ financial data with that of parent companies, to automatically execute the actual consolidation, and to derive the consolidated financials securely and in real-time over the Internet.
“Most companies’ consolidations are not only difficult to coordinate, but are very expensive because their subsidiary companies are often located in another state or another country,” said Intacct CEO David C. Thomas in a company-released statement.
Integrated into Intacct’s core accounting system, the Consolidation application accommodates any configuration of subsidiary companies, including “flat” structures in which several subsidiaries are owned by one parent company and more complex structures in which either a shared equity ownership exists between multiple parent companies or holding companies own the parent companies.
According to Intacct, one of the most innovative features of the Consolidation application is its proprietary Secure Slide-In capability, which is designed to permit application users to securely review and drill down into subsidiary detail accounts and source transactions while logged into the Intacct system; this avoids the need for multiple sign-on requests or numerous browser windows.
The Consolidation application also features historical accounting-period and account mapping, which allows for subsidiary companies to be rolled into parent companies with differing close dates or year-end periods.
The application also creates and maintains separate adjusting journals for consolidation entries to accommodate and provide a platform to separately correct or update journal entries for any consolidated company without compromising the integrity of the data within the General Ledger. A separate journal can be used for each subsidiary that is being consolidated in order to track the data from different subsidiaries independently of each other.
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