Dynamics NAV consolidation with EmergeNext
- Foreign Currency Translation of subsidiaries in currencies other than the consolidation currency.
- Income Statement foreign exchange gains & losses for monetary items denominated in foreign currencies.
The out-of-box functionality Dynamics NAV allows for:
- Consolidating across different charts of accounts.
- Companies with different fiscal years.
- Either the full amount or a specified percentage of a particular company’s financial information.
- Companies with different currencies.
- Using different methods of translating individual G/L accounts (although standard configuration is typically as prescribed by FAS 52 and related accounting standards).
From a technical point-of-view, Dynamics NAV allows for consolidation of companies that are:
- In the same database as the consolidated company.
- In other Dynamics NAV databases (data transfers done via XML file).
- In other accounting and business management programs (as long as data can be exported from the other program in a computer format).
EmergeNext ADNM, LLC (Dynamics NAV Gold Partner) has significant expertise in financial consolidations and is generally a leader in this specific area of accounting functionality. EmergeNext employs former Big 4 CPA’s with industry experience in multinational consolidations. EmergeNext can work with other NAV partners insuring this highly sensitive aspect of a client project is successfully implemented.
EmergeNext ADNM, LLC has also developed “enhancement code” that increases the level of controls around your Dynamics NAV consolidation. This code includes additional functionality developed in accordance with strict NAV standards. The enhancements include functionality that:
- Maintains consolidation exchange rates as separate fields in the Dynamics NAV exchange rate tables.
- Allows for subsidiary level trial balance detail in consolidation even in a consolidation configuration with more than two levels.
- Allows for tracking of GAAP differences for accommodating both local statutory reporting and multiple GAAP reporting at the consolidated level.
- Accommodates global centralized control over charts of accounts and dimension values.
- Accommodates posting period security by automatically disallowing posting in consolidated periods without authorization.
Contact an Expert at EmergeNext
Case Study: Deep Ocean