Multi-currency Consolidated Groups
In addition to standard consolidated reporting, Fathom enables consolidated group analysis, forecasting, and reporting for entities with different currencies. Please view this article for a full list of supported currencies. These features enable you to create an aggregated view of both the financial and non-financial performance of a group of companies.
For multi-currency consolidations in Fathom, you’re able to:
Combine up to 50 companies in a single consolidated group
Consolidate financial (and/or non-financial) performance
Consolidate companies using different accounting systems
Report using either a consistent or inconsistent chart of accounts
📝Note: Multi-currency consolidations can only be created from underlying companies with monthly financial data. Companies with quarterly or annual data only cannot be added to multi-currency consolidations.
Fathom will consolidate financial results by unifying accounts that have:
The same name and
The same Fathom classification.
Accounts from different companies that have these two elements in common will appear as a single account in the consolidated group and any associated amounts will be summed accordingly. Fathom does not consolidate accounts based on Account Code.
Accounts with different names or classifications, can be grouped in the Chart of Accounts with the use of headings. For a guide to creating headings see our Headings and Subheadings article.
Fathom sources our default 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.
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.
Please see our 'Multi-currency Consolidation Methodology' article, to learn more about our methodology for applying exchange rates and calculating values in multi-currency consolidations.
You can also add your own custom exchange rates. For more information on this, view our dedicated article on 'Using Exchange Rates in Fathom'.
Creating a multi currency consolidated group
Before you create a consolidated group, you must first ensure that you have imported each entity into Fathom. After all companies are imported, you can create a consolidated group by:
You will be taken to the consolidated group’s landing page. From here, you’ll be able to access the group’s Analysis, Reporting, Forecasting, and Settings as well as the Analysis, Reporting, Forecasting, and Settings for all of the underlying companies in the group.
💡Pro Tip: If you've set up the Chart of Accounts, KPI, Targets, and Alerts in another company or group, you can copy these over to quickly setup your new consolidated group.
Updating & editing a group
Updating the Group’s Financials
To update the financial data of the group, you’ll simply need to select the green ‘Update’ button in the upper right corner of the consolidated group’s landing page.
The consolidated group will update all of the financials based on the underlying companies. This means that, if changes are made to an underlying company in its source accounting system or Excel and you want those changes reflected in the group, you’ll need to:
Adding companies to or removing them from the group
You can add companies to or remove them from a group on the consolidated’s group’s landing page. To add a company, select the green ‘+ Add company’ option. To remove a company, hover over the company and select the ‘three dot’ icon that appears on the right side of the screen. From the drop down menu, select ‘Remove’.
You can also add companies to and remove them from the group in ‘Step 1 - Update Data’ of the group’s Settings. You’ll find the options to add and remove companies by clicking the blue ‘manage group’ option that appears next to the list of member companies in the group.
💡Pro Tip: You must have more than 2 companies in a group to be able to remove a company from the group.
Changing the name of the group
In the upper left corner of the consolidated group’s landing page, you’ll see the name of the group listed. You can click on the group’s name to edit or type in a new name for the group.
Changing the financial year of the group or the presentation currency
To change the financial year or presentation currency of a group, go to the group’s Settings. In ‘Step 1 - Update Data’:
Congratulations on creating your consolidated group! Continue the 'Consolidation Creation Workflow' and finish setting up your consolidated group for analysis, reporting, and forecasting by choosing from one of the next steps below:
What you want to do:
Next step in setup process:
Ready to begin setting up your Consolidated Group's Profile?
Happy with your profile and ready to set up the consolidated Chart of Accounts?