FinBoard allows regrouping and renaming accounts without changing your QuickBooks chart of accounts. This enables you to create stakeholder-specific financial statement versions (e.g., CEO, Board, CFO).
For example, while analysing P&L - you can remove certain accounts, you can rename accounts that are confusing to other stakeholders or you could combine certain accounts for reporting purpose. All this would help you create different versions of P&L/ Balance Sheet/ Cashflow
This is configured from the FinBoard dashboard in 3 steps:
Define new reporting hierarchy that you would like to see in your financial statement
Map these account groups to the chart of accounts of the underlying entities.
Review
Step 1:
Create Groups:
1. Define the new Chart of Accounts structure for your financial statement.
2. Drag and drop these accounts to reorder them and create parent-child hierarchies.
Step 2:
Map Accounts: This step enables you to map the chart of accounts from QuickBooks entities to the group accounts created in Step 3.
The first column in the workspace displays QuickBooks accounts. You can filter these accounts by searching for the account name or by applying filters for account type and company. After filtering, you can bulk select the accounts and map them to the corresponding group company accounts.
You can also eliminate certain QuickBooks accounts that contain inter-company transactions.
Step 3:
Review and Finalise:
Review the final group accounts and their linkages to the QuickBooks entities
