Multi currency consolidation software for a group with a company abroad

Multi currency consolidation software at a glance

Multi currency consolidation starts on Joiin Pro, $83 a month for 5 companies billed monthly; Joiin Core reports in one currency. Among the rivals, Fathom lists multi-currency consolidations with eliminations on Pro, and Reach Reporting lists multi-currency consolidation on every plan.

Pick Joiin Pro for 5 to 10 companies including one abroad, Fathom for up to 50 entities with your own rates on Pro, and JustConsolidate for a QuickBooks group on one plan.

How a second currency enters the group report

Joiin converts profit and loss lines at monthly average rates and balance sheet lines at month-end rates by default. A spot rate holds one account at a fixed rate, which suits equity accounts such as share capital. Because conversion leaves small differences, Joiin adds an FX adjustment line so the report balances.

Joiin's help center says to eliminate all sides of an intercompany item together, or the balance sheet can fall out of balance; see intercompany eliminations in QuickBooks Online.

The books that feed the report matter too: a Xero organization keeps one base currency, fixed after set-up, and Xero says to add a new organization if it changes.

Joiin: Pro for several currencies, Max for your own rates

Joiin's pricing grid puts your own exchange rates on Max; its multi-currency page does not say which plan.

Core reports in one currency, Pro and Max in several, and Max adds Advanced FX, which sets custom rates at group level. At 5 companies, billed monthly, Pro is $83 and Max is $97. Default rates come from Open Exchange Rates, and the base currency defaults to USD. The reporting currency, the one the group reports are shown in, is a separate setting from the currency Joiin bills in. Joiin pricing lists every plan by company count.

Fathom, Spotlight Reporting, Syft, JustConsolidate and Reach

Fathom's pricing page says it consolidates up to 300 entities across systems and currencies, while its consolidation page says multi-currency consolidations are supported for up to 50 entities.

Fathom lets you override its default historical rates with your own. Syft says it supports exchange rates for over 170 currencies, and multi-currency consolidation is on Plus and Advanced. JustConsolidate provides month-average and ending rates for over 200 currencies. Reach Reporting converts profit and loss and cash flow at monthly average rates and the balance sheet at end-of-month rates, and its help center says it does not yet book currency translation differences itself.

Groups that cannot use Intuit Enterprise Suite

Intuit says Intuit Enterprise Suite does not support entities outside the US at this time, so a group with a company abroad cannot bring that company in. QuickBooks Online Advanced lets a Spreadsheet Sync group choose its currency when the group is created.

Joiin's trial runs on Max, the plan with your own exchange rates, for 14 days with no card. For Xero groups, read best consolidation software for Xero.