UK International Accounting Platforms Recommendations

[joahew]

Hi,

I have been recommended this forum as good place to start so hello!

I am looking into a new accounting platform for International group accounting where we can report management accounts and bookkeep in the parent GAAP but also be able to produce locally compliant financial statements.

We currently do this by keeping local GAAP adjustments in a cost centre and then producing our management accounts excluding this cost centre. For the local requirements we send a tb to a local accountant but I am wanting to take it one step further and be able to produce their locally compliant statutory accounts. Any recommendations (or experiences of what to avoid!) would be greatly received!

Thanks

 

[bklynboy]

We use separate ledgers (one ledger is local basis local rules another is USD and GAAP). Entries are posted to local ledger first and then converted to USD in second ledger and adjustments made to be GAAP compliant. Most systems should permit multi currency and multi ledger reporting and I suggest you find out what your system. If its not a currency issue then its even easier just maintain the 2 ledgers. What we do is first record local basis as common items (it hits both ledgers) and then make GAAP adjustments to record on second ledger. Works fairly well.