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For more advanced consolidation, platforms like NetSuite or Sage Intacct are better suited. Choosing the right multi-entity accounting software, like any new tool, isn’t just about features. In this guide, we’ve covered what this type of software is capable of and looked at some key features and use cases so that you have a solid starting point. Your software of choice should be able to handle multiple companies, locations, or business units with separate books and shared oversight. Multi-entity accounting…

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For example, the company ABC has stock investment in the company XYZ where it holds 30% shares of ownership. On December 31, the company XYZ reports a net income of $500,000 for the year, and at the same time, it also declares and pays the cash dividend of $60,000 to its stockholders. In this case, the company needs to make the journal entry for the dividend received by debiting the cash account and crediting the stock investments account instead. AccountingTools…

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