The Connected Consolidation plugin can be used for combining transactions from multiple Connected company files into a single company file from which Balance Sheet, Income Statement and other financial reports can be generated. This process can be tedious and error prone when performed manually but the Consolidation plugin requires only a few simple clicks.

Connected Consolidation Plugin Features:

  • Automatic G/L account mapping between company files
  • Manual drag and drop mapping when account numbers do not match
  • Full audit trail maintained with print on demand audit reports
  • Currency conversion rate that allows consolidation from foreign currencies into the desired common currency
  • Unattended operation that can free up valuable human resources
  • Detailed consolidation reports
  • User defined date ranges that allow complete control over the transactions to be consolidated
  • Tolerant of redundant consolidations, only new transactions are selected

The process of setting up and performing a consolidation has three simple steps:

  1. Set up a new company file as a repository for the consolidated data. The new file does not require any configuration other than to be given a company name, a period one start date and to enable the consolidation function by running a routine. In most cases setting up a chart of accounts is not even necessary thanks to the automapping capability of the Consolidation plugin.
  2. Open the Consolidation window and define the remote company files to be consolidated. This consists of no more than giving each remote file a name, pointing to the file on the network, providing an optional currency conversion rate and clicking the Auto checkbox to automatically map the G/L accounts. In situations where accounts must be manually mapped the G/L Account Mapping window with its intuitive drag and drop interface makes the work easy.
  3. Once the remotes are defined one or more can be selected and a consolidation performed by clicking the Perform Consolidation button. An input window allows the user to specify the range of dates to be consolidated and if the optional reports should be generated. A quick check is performed to verify each remote is setup properly and the consolidation begins. A window appears to report the progress. When the consolidation is complete Balance Sheet, Income Statement and other G/L reports can be printed.

With a full multi-currency module, in your accounting and inventory software, you will be able to keep the General Ledger in your local currency, generate purchase orders in the vendor’s currency, and send invoices in your customer’s currency. Transactions throughout the system are translated from currencies and exchange rates that you can define and update.  You will also gain the flexibility to use different buy and sell rates, create selected reports to view in local or foreign currencies, and track exchange rate history.

Key Benefits of Foreign Currency Conversion:

  • Streamline the management of multiple currencies, exchange rates, and currency fluctuations
  • Maintain a clear view of your company finances by automatically posting realized gains and losses when payments are received or issued
  • Simplify invoicing by locking in a specific exchange rate while sales orders and purchase orders are issued and processed
  • Organize your records by printing reports about your currency codes, tables, and exchange rates. Read more

Tracking inventory by lot number is easier than you think with Connected. In this post we examine what is lot control traceability, why companies need to track inventory by lot number, and how Connected can do the work for you.

One of the toughest challenges that a small business can face is compliance with all the regulatory requirements in their specific industry.  For example, businesses that focus on the sale/production of food or medical related products are typically compelled by regulation to track specific inventory by “lot” number.  This is often referred to as a “traceability” requirement with the need to track a product from its origin to the end consumer.

A lot number is an identification number assigned to a specific quantity, batch, or “lot” of an item.  Lot numbers are typically found on the outside labelling of a product and usually are accompanied by an expiry date.   For example, a case of a product may contain a quantity of 12 for item number/ SKU (stock keeping unit) “WIDGET-123”.   8 of the items contained in the case have Lot # “123” with expiry 12/31/20 and 4 of the items have Lot # 456 with expiry 12/31/21 but all 12 are WIDGET-123’s.    Each of the different lot numbers could also have a different cost.

The Food and Drug Administration (FDA) and Canadian Food Inspection Agency have strict guidelines for virtually all type of products to include lot numbers and expiry dates on all packaging for traceability.

When a small business is required to trace all or some inventory by lot number, it can often be a daunting task.   Often a series of spreadsheets, logbooks, and/or custom databases are used to track lot numbers.   These types of systems are cumbersome, often inaccurate, and have no connection to the accounting/inventory system that is driving the transactions. Read More

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