Can a few GLs in the Leading Ledger report to a Parallel Ledger?
The second question is, suppose a Company is based in India as well as has operations in USA. In India it has to comply with Indian Accounting Standards & for USA it has to come up with statements as per US GAAP.
It may be so, that USGAAP does not recognize a particular kind of expense but India Accounting Standard does.
Now, since we are having Parallel Ledgers, the same expense ought to reflect in both the places.
Is there any way, that we report the expense in the Leading ledger that is in Indian currency & followes Indian Accounting Standards, while we prevent its reporting in the Parallel Ledger for USA.
Would be very grateful for any reply.
Thanks in Anticipation.