RE: Accounting for Foreign Subsidiary

Answered

Hello, we currently have OneWorld and we are setting up Chinese company under our parent company. The Company’s operational activity takes place in RMB (Chinese local currency). We would like to explore ways to be able to set up books in local currency and run consolidation processes at the end of the fiscal month. Do you know the best way to achieve this? Thank you for your help!

mcastr0623 Rookie Asked on October 22, 2019 in Accounting.
Add Comment
2 Answers
Best answer

Hi Mario

Here is a sample subsidiary structure in Oneworld, in this structure  subs are rolling up to the parent sub ie final consolidation will be in Parent sub’s base currency. If you want different currency consolidation then as Oliver mentioned you will need to setup multibook accounting, in other words you are keeping two different sets of accounting books/ledgers.

Subsidiary structure in OneWorld

Advanced Answered on October 23, 2019.

Appreciate the help Sam!

on October 23, 2019.
Add Comment

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.