Consolidated Financial Statements
Running consolidated financial statements in Rillet is very simple. Unlike other ERPs, Rillet is consolidates in real time so you never have to worry if your financial statements are up to date. There is no need to "run" the consolidation at month end since Rillet is always up to date.
Consolidated Financial Statements
By default, all financial statements are shown on a consolidated basis in the organization currency. For example when viewing the income statement, this 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
In order to convert from local to reporting currency, Rillet automatically calculates the FX Translation as follows:
Income Statement Accounts - Monthly Average FX Rate
Balance Sheet Accounts - End of Month FX Rate
The following are exceptions to these rules:
Equity Accounts - Historical FX Rate
Intercompany Accounts - Historical FX Rate
Retained Earnings
Net Income of each month is calculation using the Monthly Average FX Rate
Manual Adjustments to retained earnings will use the Historical FX rate.
Finally, the using these varied rates during the transactions process will result in the Cumulative Translation Adjustment in the Equity section of the balance sheet.
Breakdown by Subsidiary
To view a breakdown by subsidiary, take the following steps:
Go to Reporting from the main menu.
Select the Financial Statement that you want to view.
Click Customize.
Select Columns > Breakdown > Subsidiaries
Single Entity Financial Statements
To view your financial statements for one entity:
Go to Reporting from the main menu.
Select the Financial Statement that you want to view.
Click Customize.
Select the subsidiary that you want to view
This will display the financial statements of one subsidiary in the subsidiary currency.
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