Minority Interest Consolidation in NetSuite
Many NetSuite clients have a partial ownership interest in some or all of their subsidiaries - companies that must be included in their consolidated financial reports. Standard NetSuite OneWorld does not automate the accounting adjustments required to account for the minority interest and accurately report consolidated financials. As a result, many large NetSuite clients spend significant time manually calculating and entering the necessary adjustments.
The Minority Interest module is designed to eliminate the monthly spreadsheet wrestling match required to calculate, enter and import these adjusting entries every reporting period.
The module calculates and books the adjustments so that standard NetSuite’s standard financial reporting can be used to produce accurate consolidated Income Statements, Balance Sheets, and Cash Flow Statements.
- Automatically generates adjusting entries to eliminate outside interest in subsidiaries
- Handles both Consolidation and Equity reporting methods as required for each subsidiary
- Can be run each month in a matter of minutes
- Entries can be posted into NetSuite accounting periods or adjustment periods
- Handles any number of subsidiaries, with any combination of base currencies
- Provides a detailed audit trail of all entries generated in each run, and logs each step of the calculations
- Each run of the system can be quickly scratched, adjusted, and re-run to allow for last minute accounting corrections and adjustments
- User-defined configuration allows complete control of the accounts and subsidiaries (such as elimination subs) to be used to collect the adjusting entries