This is the 3rd blog in the six-part blog series for the Macola 10.4 release:
- 10.4 Overview
- Workspaces 2.0
- Financial Consolidation & Accounting
- Automated Workflows
- Business Intelligence & Forecasting
But just to recap, this 10.4 release provides enhancements and new functionalities that continue Macola 10’s promise of new core business functions, streamlined activity and process management, and create a more robust—and a more personalized—user experience.In all, Macola 10.4 boasts 51 new features that empower you to collect more meaningful data, provide more powerful business intelligence with greater actionable insights and enable decision making to reduce expenses, improve efficiencies and increase profits.
But let’s get back to Financial Consolidation & Accounting...
Part I - Financial Consolidation – All your financials. All in one place.
Macola 10.4 includes functionality that allows users to aggregate financial data from multiple business divisions for a true 360° view of business financials. This module enables users to work across divisions and pull in financial data from outside the Macola software.
In today’s business world where product lines are diversified, larger organizations are purchasing smaller ones and competitors are merging, CFOs find it challenging to leverage technology to consolidate financial data from multiple divisions, sometimes even multiple systems, into one “truth” about the company’s financial position.
In 10.4, we have introduced the Financial Consolidation module. This feature allows general ledgers to be mapped from subsidiary to parent divisions and rolled up multiple levels. It allows for elimination entries to be performed through the system rather than in external spreadsheets. And it even supports intercompany transactions between divisions and importing financials from non-Macola software packages.
Below are a few highlights and screenshots of the Financial Consolidation module in the 10.4 release.
1. First, view an example of what the consolidation structure might look like. You can see that there are two subsidiaries per geographic division, and those geographic divisions flow up into the main holding company:
2. Establish percentage of ownership and manage shares of stock and the value of the stock:
3. Presentation currency can be translated to display P&L and B/S in multiple currencies and convert division currencies to one standard reporting currency:
4. Below is a sample balance sheet in the 10.4 release:
5. Simple interface for importing financial transactions from non-Macola companies:
Part II - Accounting – Track costs by location
Macola10.4 enables users to maintain cost by item and location versus maintenance only at the item (SKU) level. This new capability is the foundation of multi-site MRP, enabling multiple cost entries for the same SKU, capturing accurate costs and realizing cleaner accounting.
Standard Cost Master Now Available at Multiple Locations
In previous versions of Macola, the standard cost master could only be maintained at a master level—meaning the standard cost would be the same for that item at any location. But in Macola 10.4, the cost master is now location specific (don’t worry, this can be de-activated if you prefer it remain at a global level) and the cost roll processes will execute by the combination of item and location: