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Accounting systems

What is accounting systems?

A group’s companies often keep their books in different systems: Zoho Books, Xero, QuickBooks or a spreadsheet. Consolidation does not need them to match. Each company’s accounts are mapped once to a group chart of accounts, and balances come in directly or as a trial balance from any system.

6 posts2 glossary terms

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Group chart of accounts
One list of accounts that every company's own accounts are mapped to, so that figures from different companies and systems add up line by line.
Trial balance
A list of every account balance at a date, with total debits equal to total credits. It is the starting point for consolidating a company's figures.

Questions about accounting systems

Can Finconsol consolidate companies on Xero, QuickBooks and Zoho Books together?

Yes. Zoho Books connects directly. Xero and QuickBooks compa

What does a trial balance upload need?

The period, the currency, the account codes and names, and b

Do the companies need the same chart of accounts?

No. Each company keeps its own chart. The accounts are mappe

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