In addition to standard consolidated reporting, Fathom enables consolidated group reporting for entities with different currencies.
Before you start
Before creating a multi-currency consolidated group, please import each company into Fathom.
Note: each company can have a different Chart of Accounts. And consolidated groups can include companies sourced from different accounting systems.
After importing, check that the currency assigned to each company is correct. You can verify this in ‘Step 2: Company Profile’ of the setup for each company:
To create a multi-currency consolidation, start on the ‘My Companies’ page and click ‘Create a Group’. Then select ‘A Consolidated Group’.
After providing a name for a group, you can select up to 50 companies to include in the multi-currency consolidation. Once you have chosen companies with different currencies, the option to choose a presentation currency will then appear.
Because companies from different regions often use a different financial year, you will need to choose a financial year to use for the group as a whole.
Finally, choose any presentation currency. The full list of currencies supported by Fathom is detailed in the 'Frequently Asked Questions' section below.
The multi-currency consolidated group is then created in a few seconds and it will appear as a new company on the ‘My Companies’ page. The financials for each company in the group, will have been translated to the selected presentation currency.
After consolidating, you should review the KPIs, targets and alerts and set them accordingly for the consolidated group.
All the reports that you are familiar with in a single company are also available for a consolidated group. You can now view profitability, cashflow, growth, trends and more for the group as a whole.
There are additional features to be aware of in a consolidated group.
Within the ‘Financials’ tool, you can hover over an amount on the Profit & Loss or Balance Sheet to discover the breakdown across the consolidated group.
To view a detailed breakdown of your consolidated group, go to the 'Reports' section of Fathom and view the Excel report titled ‘Full consolidated financial results, including eliminations’.
First choose a period. An Excel report is generated that displays the Profit & Loss and Balance Sheet including all accounts from each company in the consolidation. Accounts with the same name will be grouped together into the same row.
Inter-company eliminations and exchange rate adjustments are also displayed.
The comments provide a helpful way to view the amounts before for after translation.
The eliminations feature in Fathom assists to remove the impact of transactions between companies in a group, and therefore provides a more accurate view of consolidated performance.
A typical use of an elimination would be to account for inter-company loans or inter-company management fees within a group.
Frequently Asked Questions
How many companies can Fathom support in a multi-currency consolidation?
Fathom currently supports a multi-currency consolidation up to 50 companies. If you require more companies, please contact us at email@example.com.
Which currencies are supported for consolidation?
Fathom currently supports over 60 different currencies.
|AED||United Arab Emirates Dirham||MUR||Mauritius Rupee|
|ANG||Netherlands Antilles Guilder||MWK||Malawi Kwacha|
|ARS||Argentine Peso||MXN||Mexican Peso|
|AUD||Australian Dollar||MYR||Malaysian Ringgit|
|BGN||Bulgarian Lev||MZN||Mozambique New Metical|
|BHD||Bahraini Dinar||NGN||Nigerian Naira|
|BIF||Burundi Franc||NOK||Norwegian Krone|
|BRL||Brazilian Real||NZD||New Zealand Dollar|
|CAD||Canadian Dollar||PEN||Peruvian Sol|
|CHF||Swiss Franc||PGK||Papua New Guinea Kina|
|CLP||Chilean Peso||PHP||Phillipine Peso|
|CNY||Chinese Yuan Renmimbi||PKR||Pakistan Rupee|
|COP||Colombian Peso||PLN||Polish Zloty|
|CRC||Costa Rican Colon||QAR||Qatari riyal|
|DKK||Danish Krone||RON||Romanian New Lei|
|DOP||Dominican Peso||RUB||Russian Rouble|
|EGP||Egyptian Pound||RWF||Rwandan Franc|
|FJD||Fiji Dollar||SBD||Solomon Islands Dollar|
|GBP||Great British Pound||SEK||Swedish Krona|
|GHS||Ghanian Cedi||SGD||Singapore Dollar|
|GMD||Gambian Dalasi||SLL||Sierra Leonean Leones|
|GNF||Guinean Francs||THB||Thai Baht|
|GTQ||Guatemalan Quetzal||TOP||Tonga Pa'anga|
|HKD||Hong Kong Dollar||TRY||
|HRK||Croatian Kuna||TTD||Trinidad & Tobago Dollar|
|HUF||Hungarian Forints||TWD||Taiwan Dollar|
|IDR||Indonesian Rupiah||TZS||Tanzanian Shilling|
|ILS||Israeli New Shekel||UAH||Ukrainian Hryvnia|
|INR||Indian Rupee||UGX||Uganda Shilling|
|JOD||Jordanian Dinar||USD||United States Dollar|
|JPY||Japanese Yen||UYU||Uruguayan Peso|
|KES||Kenyan Shilling||VND||Vietnamese Dong|
|KWD||Kuwaiti Dinar||VUV||Vanuatu Vatu|
|KYD||Cayman Islands Dollar||WST||Samoan Tala|
|LKR||Sri Lanka Rupee||XAF||Central African Francs|
|MMK||Myanmar Kyats||XCD||East Caribbean Dollar|
|MRO||Mauitanian Ouguiya||XOF||West African CFA Franc|
|ZAR||South African Rand|
Please contact us at firstname.lastname@example.org if there are any other currencies you require.
Where does Fathom obtain the exchange rates used in the consolidation?
Fathom sources historical exchange rates from Open Exchange Rates. Fathom uses an inter-bank (without retail fluctuations), mid-market (average of buy/sell rates), rate which is calculated end-of-day using an average of rates from the preceding day.
What's our consolidation method?
For monthly data, Fathom uses the average exchange rate over the month to translate the Profit & Loss accounts. Fathom uses the month end exchange rate for translating Balance Sheet accounts.