Consolidated Financial Statements

You can run consolidated financial statements in Rillet without additional steps. Unlike other ERPs, Rillet consolidates in real time, so your financial statements are always current—no month-end consolidation run is required.

Default View

By default, all financial statements are shown on a consolidated basis in the organization currency. For example, when viewing the income statement, the statement is displayed at a consolidated level.

When viewing the transaction details, the line items will display the following information:

Subsidiary
Debit/Credit - Local Currency (the currency of the subsidiary)
Debit/Credit - Reporting Currency (the currency of the organization)

FX Translation

Rillet automatically calculates the FX translation as follows:

Income Statement Accounts – Monthly Average FX Rate
Balance Sheet Accounts – End of Month FX Rate

Exceptions:

Equity Accounts – Historical FX Rate
Retained Earnings
Net income of each month is calculated using the Monthly Average FX Rate.
Manual adjustments to retained earnings use the Historical FX Rate.

Using these varied rates during transaction processing results in a Cumulative Translation Adjustment in the Equity section of the balance sheet.

To View a Breakdown by Subsidiary:

Go to Reporting from the main menu.
Select the Financial Statement that you want to view.
Click Customize.
Select Columns > Breakdown > Subsidiaries.

When you view the breakdown by subsidiaries, the statement displays each subsidiary side by side, with all amounts shown in the organization’s reporting currency (USD).