FESA CONSOL

FlexSystem

Differing Account and Analysis Code Setting

Issues

A group of companies may not implement a standard set of uniform accounts and codes for the following reasons:

 Different business segments operate autonomously from other companies within the same group.

 Companies are incorporated in a country where the account code is governed by law.

 A new company is added by acquisition.

 Information required at an individual company level maybe significantly different from information required at a consolidated level within a group.

Non standardization of account and other codes could have significant impact on the operations of the group consolidation function as extra work will be required for the transformation of diversity of financial information manually.

  

Expectations

Users no longer want to be involved with the transformation of account and other code settings on a manual basis each month so that productivity can be increased.

  

Solutions

FESA Professional Accounting is able to support different implementation options for Multinational Corporations to fit the particular situation as follows:

 Through uniform accounts and other code settings during implementation of a new accounting system at an individual company level or group level

FESA Professional Accounting is supported by a ledger system in which it is able to handle financial and management accounts of individual companies and it also supports the configuration of common account codes and other code settings which can be applied to the ledgers of each company or at the group level. In addition, FESA Professional Accounting has built-in capability to deal with data migration.

 Through using an account mapping table for each company upon the implementation of the new group consolidation system at group level

FESA Professional Accounting has a lookup engine which allows users to manage the account code mapping table in a centralized mode or a decentralized mode.

  

Benefits

Manual work in respect of account code transformation is eliminated effectively so that the lead time for preparation of consolidated financial statements can be shortened significantly.