To start the consolidation report, you need to select G-Accon for Xero–>Reports, then the Consolidated Reports menu option.
You need to have at least two Xero organizations to be able to generate the consolidated report. Your next step is to select all entities for which you will be generating consolidated reports.
Then you have to select the desired financial report such as Profit and Loss (Income Statement), Balance Sheet, or Cash Summary from the drop down filter.
As you can see from the organization selection dropdown box, we have two Xero entities –– AU and a US base. Let’s assume we need to generate the consolidated report in AU currency based on the January 19, 2022 currency exchange rate. Your next action would be to select a Multi-Currency Converter.
You have multiple options here. First of all, you need to choose the report currency. We have chosen “AU” currency. Then by clicking on the radio buttons “Use Latest Exchange Rate” or “Use Custom Exchange Rates”, you can either request the current exchange rate from the currency exchange rate provider or set your own custom exchange rates.
If you select “Use Latest Exchange Rate” and click on the “Execute” button, the consolidation report will be generated based on the latest available exchange rate from the exchange rate provider. Everytime you refresh this report, the latest exchange rate will be used.
Your next option is to set up the custom exchange rate. First, you need to select “Use Custom Exchange Rates”, enter the desired date, and make a decision to either obtain the exchange rate directly from the exchange rate provider or generate a separate tab with exchange rates for multiple currencies. Theis additional feature allows you to manually modify any exchange rate values and use them in the report generating process.
Finally, you can generate the consolidated report by clicking on the “Execute” button.
In a very similar way, you can generate Profit and Loss (Income Statement) and Cash Summary consolidated reports.