When you start looking into Intacct® accounting software, you’ll find there are several types of companies you can requisition. These solutions can range from a company with one reporting currency to a company with multiple unique currencies spanning multiple locations. It can be overwhelming to decide which one’s right for your organization, but this article should help you pick the solution that fits your needs by giving you some information about the different solutions Intacct offers.
The standalone option is a company that, while able to accept transactions in other currencies, only has one reporting currency. The company may have multiple locations but only one tax ID. Every Intacct standalone company has a Chart of Accounts, set of Users, General Ledger, Accounts Receivables and Payables, Employee Expense, Cash Management subledgers and Order Entry and Purchase Order modules. This type of company is given one federal tax ID and a reporting currency known as the base currency in Intacct.
Multi-Entity Shared Company
This company has multiple tax IDs and reporting or base currencies. As you can see above, this type of company acts like a container that holds all of its entities. Each entity in this container company has its own tax ID and base currency, and they don’t have to be unique. In this company type, each entity is considered its own company or business entity. The container company, which also is called the top level, has a set of data lists that are shared throughout all entities. Similar to the standalone company, each entity in the multi-entity shared company has its own GL, AR, AP, CM, EE, OE and PO modules. To navigate between the different entities, you’ll use a drop-down menu that’s next to the company to select and change the entity. This type of company is best for franchises, property management, medical facilities and companies that have many different entities and would like to be able to make consolidated reports.
Multi-Entity Shared Company with IGC
If your organization has multiple currencies and they need to be consolidated, the simple roll-up tool can’t be used because the currencies aren’t the same. This is where the multi-entity shared company with IGC is appropriate. IGC stands for Intacct Global Consolidation, which provides a solution that enables you to consolidate books and perform currency translations. This allows you to consolidate books for both different entities and different currencies. For example, if your organization has a department in the United States and another in Germany, you can consolidate these two books using the IGC tool. This company is similar to the multi-entity company, with the addition of the IGC, and the companies that use this usually have multiple international locations. This option is best for multinational companies and companies that sell their products or services globally.
Multi-Entity Distributed with Advanced IGC
This type of company is used most by limited liability companies with subordinate companies that aren’t like each other. The biggest difference between the multi-entity shared and distributed is that the distributed company doesn’t have shared data lists. If your organization must have different Charts of Accounts, such as holding companies or conglomerates, this is the company type you’ll want to provision from Intacct