In this video, you will see how FastClose can produce statutory consolidation in real-time, right out of Nextworld’s ERP system. No staging of the data like costly dedicated consolidation systems and all the calculations are easy to audit.

Statutory consolidation is very different from management consolidation as you need to translate the balance sheet at month-end on a cumulative basis whilst translating the P&L on a period-by-period basis at an average rate. Then you have to pick up the translated Fx gain / loss and put this back into the balance sheet.

Eliminations can be catered for by a separate Nextworld elimination company that can be added to the total consolidated number, or FastClose can do this in the hierarchy engine or build its own elimination company. Historical accounts like share capital, goodwill, and reserves need a fixed value for prior years.

In this 10-minute video, you will see how it is done and you can even run the FastClose reports live in Excel. To maximize this video please click on the bottom far right icon.