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Release updates for G-Accon for Xero/QuickBooks

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G-Accon for Xero: Changes and Enhancements released in March, 2024
G-Accon for QuickBooks/Xero: Changes and Enhancements released in March, 2024
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G-Accon for Xero: Released Changes and Enhancements

Consolidated Xero Reports with Intercompany Eliminations

The primary objective of intercompany elimination in consolidated financial statements is to present a fair and accurate view of the entire economic entity. 

These transactions occur between entities within the same consolidated group and involve the exchange of goods, services, or assets. By eliminating them, companies avoid double counting and the distortion of the consolidated financial statements.

How to Generate Consolidated Report with the Intercompany Eliminations

Step 1. Create an Intercompany Elimination Set

1. Access G-Accon for XERO and navigate to Tools, then select Intercompany Eliminations.
2. Select at least two organizations for the elimination process.
3. Define a name for your Elimination Set.
4. Search for accounts within the Profit and Loss, Balance Sheets, or both by using search functions (Search by account code, name, type, classes, and ect)
5. Apply elimination criteria based on your company's requirements to remove specific accounts.
   

You can also modify your sets, create duplicates, delete them, and share them within your team.

Step 2. Generate Consolidation Report with Intercompany Eliminations

• Select Get Accounting Data/Reports --> Consolidated Reports
  

• From the list provided, choose a report that includes Intercompany Eliminations.

• Set the necessary report parameters and select the Elimination Set created in Step 1.

Elimination Set

Next step is to identify Elimination Settings. These settings will dictate what you want to see as part of the reports in Google Sheets.

Elimination Settings

The Elimination Settings options are:

• Exclude Eliminated Transactions: This option excludes transactions that have been eliminated from the dataset and identify in the Elimination Set
  
• Only Eliminated Transactions: This option includes only transactions that have been eliminated from the dataset and define in the Elimination Set
  
• Exclude Eliminated Transactions (Separate Column): This setting excludes transactions that have been eliminated from the dataset, define in the Elimination Set, and presents them in a separate column for clarity or further analysis.
  
• Include Eliminated Transactions (Separate Column): This setting includes transactions that have been eliminated from the dataset, define in the Elimination Set, and presents them in a separate column for clarity or further analysis.”
  
  

Step 3. Generate Report

The list of New Consolidated Xero reports with Intercompany eliminations:

• Consolidated Balance Sheet Report with Intercompany Eliminations
  
• Consolidated Balance Sheet By Organization Report with Intercompany
  Eliminations
  
• Consolidated Cash Summary Report with Intercompany Eliminations
  
• Consolidated Cash Summary by Organisation with Intercompany Eliminations
  
• Consolidated Profit And Loss with Intercompany Eliminations
  
• Consolidated Profit And Loss By Organisation with Intercompany Eliminations

G-Accon for QuickBooks: Released Changes and Enhancements

Add Standard User UI changes

G-Accon offers an extra functionality known as "Add Standard User" enabling several individuals to collaborate on the same QBO file. The QBO Prim Admin can select between "Full Access" or "Read Only" privileges when adding a standard user, thereby providing team members with the capability to access QBO company files simultaneously.

"Full Access" allows a user to download and upload data to and from the QBO file, granting complete control over the QBO company file.

"Read Only" permits a user to download data from the QBO company file only, without the ability to upload or make any changes.

G-Accon for QuickBooks/Xero: Released Changes and Enhancements

Identify template's Type by Color

Xero and QuickBooks users can easily identify the template type by color when adding templates to their automatic workflow.

• Light Green indicates a Query template.
• Light Peach denotes a Report template.
• Light Purple signifies an Upload template.

Additionally, keywords will be displayed when users hover their mouse over the color.

Ability to view and download the correct template for the current worksheet

When users frequently navigate between worksheets, it can be challenging to determine if the current worksheet has any attached templates. In such instances, the "Refresh to Current Sheet" button assists by retrieving all existing templates associated with the sheet and displaying the currently active ones.

Grouping Accounts in Consolidated Reports (Xero/QuickBooks)

When generating consolidated Xero or QuickBooks reports in google sheets, you can organize accounts into groups. Our application offers the flexibility to group accounts by either code or account name. You need to select the "Group Rows By Account" checkbox under the Change Pull Settings menu option.

If your entries have varying account codes and names, you'll need to utilize Intercompany Eliminations. Currently, this feature is exclusively available for Xero users, accessible under the Consolidated Reports menu option.