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Hello everyone,
I want to ask that how can I consolidate two companies having different currencies. Can someone guide me how to do that? Thanks in advance.
Hi Muhammad,
It's a bit tricky process, you can follow these steps carefully to consolidate two companies having different currencies.
Set up the Currency Exchange Rates: Set up the currency exchange rates for the currencies you will be consolidating. This can be done by going to the Currency Exchange Rates page and setting up the exchange rates manually or by using an external exchange rate service.
Set up the Consolidation Company: Create a new company in Business Central that will be used for consolidation purposes. Set the default currency of this company to the functional currency of the parent company.
Set up the Intercompany Accounts: Set up the intercompany accounts in both the parent and consolidation companies. These accounts will be used to transfer balances between the two companies.
Run the Consolidation Process: Run the consolidation process in the consolidation company. This process will transfer balances from the parent company to the consolidation company using the intercompany accounts. The balances will be converted to the consolidation company's currency using the exchange rates set up in step 1.
Review the Consolidated Financial Statements: Review the consolidated financial statements to ensure that they are accurate and reflect the correct exchange rates. Make any necessary adjustments to the consolidation process to ensure that the financial statements are correct.
Post the Consolidated Journals: Post the consolidated journals to the consolidation company's general ledger.
You can also refer to the Business Central documentation for more details:
learn.microsoft.com/.../finance-consolidated-company-reporting
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