The challenge
SNAP was operating eight separate subsidiaries each running on a stand-alone instance of Microsoft Great Plains. The companies main challenge was around consolidated financial reporting across multiple currencies. To achieve consolidated reporting in eight instances of GP, SNAP was making manual elimination journal entries and combining excel reports from each GP instance on a monthly basis.
Solution
Financial migration of trial balances from eight separate instances of Microsoft Great Plains, including import of historical foreign currency revaluations for each historical period. Implemented NetSuite’s Balancing Segments for GL Product Codes, to balance AP and GL transactions for Custom GL Product Code through NetSuite’s automated balancing segment functionality at month-end, saving Accounting from having to identify and fix out of balance transactions.
The Results
01. Consolidated financials
02. Streamlined financial reporting processes
03. Single system for all subsidiaries
