OneStream Extensible Dimensions Explained
OneStream Intercompany Matching and EliminationsIntercompany accounting can be a complex and time-consuming process, particularly for multi-currency organizations. OneStream's out-of-the-box Intercompany Matching and Eliminations is a powerful feature that streamlines the intercompany accounting process, ensuring the accuracy of financial reporting and improving efficiency.
Let's consider what Intercompany Transactions are.
Intercompany Transactions are generated transactions that occur during the normal course of business between two or more companies within the same organization. These transactions can be as simple as a transfer of products resulting in a Receivable to the supplying company/Payable to the receiving company and the offset between Sales/COGS. Without intercompany eliminations, Assets (Receivables)/Liabilities (Payables) and Revenues (Sales)/Expenses (COGS) would be overstated on consolidation. Common intercompany transaction types are:
- Intercompany Receivables/Payables
- Investments in Subsidiaries/Equity
- Intercompany Loans/Notes Payable
- Intercompany Sales/COGS
Next, let's consider how we can remove these overstatements from our financials automatically with OneStream. This is where Intercompany Matching & Eliminations goes to work. Intercompany Matching and Eliminations is the process of matching and canceling out account balances between the intercompany partners at the intercompany account levels and storing the discrepancy in a Plug Account (balancing account). OneStream's Intercompany Matching feature automates the reconciliation of intercompany transactions and makes the process faster and more accurate. Using the Entity, Account, and IC Member to reconcile and match intercompany balances, Intercompany Eliminations identifies any discrepancies and automatically eliminates the balance between intercompany partners at the account level. OneStream's additional built-in functionalities also come along for the ride without additional effort allowing you to reap the full benefits of OneStream's Intercompany Eliminations such as:
- Currency Translations
- Automatically recording the discrepancy in the balancing account
- Drill-down to source data
- Audit Trail and Reporting
The IC Matching Report displays intercompany partners and accounts with their balances. This report is accessible directly through the workflow.
In the following IC Matching Report, the partners have different local currencies. Currencies are displayed in the reporting and local currencies for matching amounts and the difference.
The discrepancy offset is stored in the balancing, “plug” account
After consolidation, the intercompany balance has been automatically eliminated, ensuring the accuracy of the financials.
OneStream's Intercompany Matching & Eliminations is a powerful feature that streamlines the intercompany accounting process and improves accuracy and efficiency in financial reporting. By automating the reconciliation of intercompany transactions and allowing users to define specific matching criteria, organizations can reduce the risk of errors and improve the efficiency of their financial workflows. If you're looking to streamline your intercompany accounting processes and improve the accuracy of your financial reporting, consider incorporating OneStream's Intercompany Matching & Eliminations into your workflows.
Partner SpotLight
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.
Case Studies
Accumen
Thanks to the intervention of MindStream Analytics, Accumen's Finance department can now model their business with a new, more organized structure that isn't conventionally available in NetSuite.
Acme Brick
Acme Brick turned to MindStream Analytics for help implementing OneStream to replace their outdated TM1 solution.
Alterra
Alterra sought the expertise of MindStream to address the challenges they faced in their Capital Planning process.
ATCO Group
Energy conglomerate ATCO operates worldwide in utilities, power generation, and related services.
Avalon
Working with MindStream Analytics, Avalon Healthcare Solutions adopts NetSuite Planning and Budgeting to accelerate budgeting and forecasting processes.
Bayer Health Care
Bayer Healthcare implemented Hyperion Planning and Workforce Planning in 10 weeks to dramatically streamline their Income Statement budget and Workforce Planning process..
BluEarth
MindStream Analytics' partnership with BluEarth Renewables epitomizes the power of technology and collaboration.
Celgene
An Oracle Hyperion Planning Upgrade provides multi-national organization Hyperion Application optimization and stabilization.
Cleaver Brooks
OneStream XF was chosen as the platform that would transform Cleaver-Brooks' Finance processes.
CoorsTek
The collaboration between CoorsTek and MindStream resulted in significant improvements in CoorsTek's financial consolidation and reporting processes.
Elite Body Sculpture
MindStream Analytics' collaboration with Elite Body Sculpture encapsulates the transformative potential of targeted tech solutions in streamlining administrative processes.
Enlyte
Enlyte, a merger of Mitchell, Genex, and Coventry, faced challenges with disparate financial solutions and the need for combined reporting.
Flanders
MindStream Analytics collaborated with Flanders to implement OneStream Consolidation and Reporting solution.
Foley Products
Foley Products was facing a significant challenge with its Excel-based actual management reporting system.
Harte Hanks
The collaboration between MindStream Analytics and Harte Hanks culminated in a highly customized, user-friendly NetSuite implementation.
Interface
Interface used a complex, manual, excel-based FP&A process for monthly review, and the summary data was loaded in OneStream.
Kymera International
Thanks to Mindstream Analytics' assistance, Kymera was able to load all of their data into OneStream and validate it successfully.
MacLean Fogg
MacLean-Fogg partnered with MindStream, a leading implementor specializing in modernizing and optimizing enterprise systems.
MEPPI
MindStream's expertise and experience were sought to conduct a vendor selection initiative focusing on MEPPI's F2023 planning process.
OUAI
MindStream Analytics and OUAI's collaboration showcases the transformative power of strategic technological intervention.
Plaskolite
By migrating to OneStream, Plaskolite has achieved a material reduction in consolidation time and overall Financial Close cycle, eliminated the hours spent compiling and verifying data in Excel, streamlined its Planning, Budgeting and Forecasting model and delivered flexible and timely reporting that enables more strategic analysis of their financial data.
Redwire
Understanding the nuances of Redwire's challenges, MindStream Analytics devised a holistic approach to overcome them. The implementation of NetSuite was just the beginning.
Simon
Simon's existing corporate Hyperion Financial Management (HFM) production application was consolidating at a rate of seven hours, a performance issue causing great headache to corporate Accounting.
Source Code
The successful transition to OneStream revolutionized Source Code's financial reporting.
Subway
Subway collaborated with MindStream Analytics for the NetSuite Analytics Warehouse implementation.
UPenn
MindStream Consulting and AppCare team members are proud be working side by side with UPenn university in accomplishing this implementation and along with continuing our AppCare services after go-live.
USG
USG was an Oracle Hyperion customer realizing that it needed more specialized support for its various Oracle Hyperion applications.
Vantiv
Dividing a hyperion planning application, expanding the hyperion footprint to forecast on the business? Customer categories.
Versant Health
Versant Health engaged MindStream to help resolve the challenges they were experiencing with their consolidation, close, and financial reporting processes.
Virginia Spaceport Authority
The MindStream team implemented the Standard + Workforce NetSuite Planning & Budgeting.
WeWork
MindStream Analytics determined that the best solution was to implement Oracle Essbase Cloud as part of the Oracle Analytics Cloud (OAC) platform-as-a-service
WindStream
Innovative use of essbase to streamline and connect hyperion financial management for enhanced financial analysis.
XY Planning
MindStream Analytics, well-versed in addressing such challenges, presented a comprehensive Netsuite solution for XY Planning.