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Many of you are already using Calxa to consolidate multiple MYOB, Xero or QuickBooks Online files, but did you know you can consolidate files with different currencies using the Consolidation Rate feature? This feature can also be used to consolidate companies with differing levels of ownership.
*Note you can consolidate different kinds of accounting files in Calxa, allowing you to easily select & consolidate any desired combination of MYOB, Xero and QuickBooks Online files together.
Consolidate Multiple Organisations with different Currencies
Follow the steps below and you’ll have consolidated, multi-currency reports in no time. The principles are the same whether you use AUD, NZD, USD, GBP or any other currency.
- Go to Organisation Management and set a Consolidation Rate for each entity you want to consolidate. Set the organisations using your home currency to 1 and set foreign entities to the current exchange rate. Click Save.
Let’s look at an example where we consolidate three files with AUD, NZD, and USD currencies together, and our home currency is AUD.
a. AUD currency Reckon file
Go to Organisation Management:
Ensure Consolidation Rate is set at 1 (for home currency), then click Save:
b. NZD currency MYOB Essentials file
Exchange rate on the day of this help note’s writing was 1 NZD = 0.924014 AUD (can also be stated as 1 AUD = 1.083223 NZD)
Select the NZD file from Organisation List. Set Consolidation Rate to the current NZD exchange rate of 0.924014, then click Save.
c. USD currency Xero file
Exchange rate on the day of this help note’s writing was 1 USD = 1.38545 AUD (can also be stated as 1 AUD = 0.721785 USD)
Select your USD file from Organisation List. Set Consolidation Rate to the current USD exchange rate of 1.38545, then click Save.
2. Now go to the Reports screen to run your consolidated Profit & Loss, Balance Sheet and Cashflow reports. See the Consolidate Multiple Organisations help note for an explanation of how to set up the report criteria. Calxa will take the data from each company and multiply it by the consolidation rate you’ve selected so you can consolidate equivalent figures and see totals in your home currency.
Consolidate Multiple Organisations with Partial Ownership
If you are consolidating multiple companies where some members of the group are partially owned, set the Consolidation Rate for each company to the percentage owned. This will allow you to report a consolidated view reflecting the total equity of the group of companies selected.
For example, let’s assume we want to consolidate 3 companies, with 30%, 50%, and 100% ownership levels respectively.
1. To consolidate these organisations, go to Organisation Management and set a Consolidation Rate for each entity you want to consolidate.
Go to Organisation Management:
For an organisation where the ownership percentage is 30%, set the Consolidation Rate as 0.30, then click Save:
Set the Consolidation Rate for the 2nd organisation with 50% ownership to 0.50, and the 3rd organisation with 100% ownership to 1.0.
2. Now go to the Reports screen to run your consolidated Profit & Loss, Balance Sheet and Cashflow reports. See the Consolidate Multiple Organisations for how to set up the report criteria.