Executive Series is a true multi company accounting system that provides easy, automatic, and streamlined intercompany processing in all modules. It natively supports a virtually unlimited number of companies / entities within the same database. This means you are not forced into an annoying ‘switch’ to another company database, you simply choose the company or companies that the transaction is for. Vendors and customers are shared across companies, so you don’t have the time-consuming task of entering them over and over again for each and every company.
Automatic Balancing Entries
Creating a journal entry for multi-company /inter-company processing is a matter of simply entering the account for each company/fund/entity the transaction is for. If the journal entry balances within and between companies, the system will save it as ready for posting. If the multi-company journal entry requires inter-company balancing entries, it can automatically generate them for you. The journal entry is checked for balancing within each company and will save it as unbalanced if it does not balance within each company.
All software modules are inter-company accounting enabled and will generate balancing entries as needed. For example, you can create a single purchase order that splits out items to all of your companies or pay an AP invoice from a different company. Enter a single AP invoice and distribute out the expenses to 2, 5, 500 or any number of your companies. Executive Series handles the inter-company accounting for this automatically and with a full audit-trail. Inter-company processing can even be turned off for specific processes such as AP payments while leaving it on for AP invoices (vouchers).
Security
As a true multi entity accounting system, Executive Series is designed to allow you to work in all companies that you are authorized to work in without having to switch to another company database. Company security is easy to setup to prevent unauthorized access.
Fiscal Calendars
Executive Series supports multiple fiscal calendars. This allows each company to not only have a different closing date, but to be on an entirely different fiscal calendar. For example, you may want a weekly calendar (52/53) for one company and a monthly calendar for another.
Period Closing
Opening and closing periods can be done simultaneously for multiple companies in period processing. Select only those companies and ledgers to open or close the period for and the system will efficiently process the period status change. Close payables and/or receivables separately from the general ledger as an option during the period processing.
Consolidated Reporting
To consolidate financials, Executive Series does not require each company be on the same fiscal year or even be on the same currency. You simply define the fiscal calendar you wish to see the report based on, and the currency that you want to be the default and the financial report engine takes care of the details.
Executive Series also supports consolidating non-financial reporting. Invoice reports, voucher reports, sales order reports and others can easily be run for a single company, a selection of companies or all companies.