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Set of Book Movement Type Choices

Dear ByD Finance Experts,

I would like to inquire which "Movement Types" shall I choose, while creating a set of books:

Default Movement Types or Movement Types for Consolidation Preparation?

Please be informed, that I need to conduct financial consolidation for several companies with same currency. And I only want one accounting standards. So, I figured out I should only choose one set of book (e.g. IFRS). But now as I see that there is no set of book which is comprehensive in terms of content of movement types (Default Movement Types is different in content from Movement Types for Consolidation Preparation); I like to ask should I keep two set of books at the system; one for consolidation and one for usual reporting?

I would like to keep only a single set of book; but at same time be able to run consolidation. I appreciate your advice.

Thank you & Regards,

Amr Abdelahleem

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1 Answer

  • Best Answer
    May 22 at 05:52 AM

    Hello Abdelahleem,

    Since you would like to perform financial consolidation for the multiple companies, in my opinion you need to choose the movement type for consolidation preparation.

    for the set of books, Since the currency (and you can still have single set of books but different currencies for each assigned companies) and accounting standards are same, its a good idea to keep only one set of books. You can have multiple set of books, with the same accounting standards but that would be just a replica of one another except you are defining different charts of account and account determination groups etc.

    However, if due to local reporting (US GAAP / German GAAP etc.), you need local accounting principle, you will need to create local set of books with the local accounting principle.

    I hope this will help.

    Regards,

    Harshal


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    • Hello,

      We are also using the Movement type for consolidation preparation for the consolidation with the group.

      In my opinion, Default moment types are more or less covered with the Consolidation movement type.

      Regards,

      Harshal