Parallel chart of accounts (COA)

Requirement

Some companies must report to their parent company based on the group’s chart of accounts. Therefore, all accounting transactions must be translated. To meet this requirement, you can use these alternatives:

• You can use the local chart of accounts as the operating chart of accounts and translate accounting transactions into the group’s chart of accounts.
• You can use the group’s chart of account as the operating chart of accounts and translate accounting transactions into the local chart of accounts.

The local chart of accounts presents advantages:

• It is easier to hire employees who are skilled for the local chart of accounts.
• The local chart of accounts is often more detailed than the group’s chart of accounts.

M3 solution

Both alternatives are supported. We recommend that you use the local chart of accounts as the operating one.

Configuration guidelines

Not applicable.