Multi-Book Accounting enables companies that trade in different countries or economic areas to produce the different sets of financial reports that are necessary to comply with different Accounting Standards, without having to make external adjustments.
Using this feature, you can create different sets of Financial Statements by applying Accounting Book filters to your reports.
Any reports filtered to include transactions assigned to the primary book only, will be compliant with the main set of Accounting Standards. Any reports filtered to include a combination of the primary book plus one of the adjustment books, will be compliant with the Accounting Standards the adjustments refer to.
See Using Multi-Book Accounting for more information on accounting books and what happens when you post transactions.
Balance Configuration
Multi-Book Accounting does not support Budgets and Balances. Once you start using this feature and post transactions to different Accounting Books, Budgets and Balances will not be reliable as they do not take into account the Accounting Books. Before turning on this feature, you must ensure the Balance Configuration is set up to update Reporting Balances when creating transactions, instead of updating Budgets and Balances.
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