RE: Accounting for Foreign Subsidiary
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!
Well if you already have OneWorld, what is the exact limitation you are facing? Your subsidiary can use the RMB as base currency. If you mean you want all your subsidiaries to report in RMB, then you need to set up Multi-Book Accounting, which you also have.
I would STRONGLY recommend you hire some consultants to guide you forward and perform need configurations.