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perhaps i am missing something…but where can we get this macro from?
@Toby – well spotted and quick too! The macro will be available in the Resources tab of Xero Partner Edition when we roll the next release in early August.
Wicked. Can’t wait to try it out
Does it handle multiple companies in multiple countries?
Also why do we have to use a macro? Seems like a cheap and dirty work around. Surely we should be able to do this properly within xero?
I can’t wait to see this – is this coming out in the UK version as well?
@Richard Partner Edition?? Does that mean I won’t have access to it, even though I have 4 “Large” Xero accounts?
+1 for having the macro available to regular non partner-edition users.
+100 for having this available as standard in the Xero application. I would pay for a new organisation that was a consolidation of other organisations if necessary.
@Toby happy to provide this to anyone who wants it – not just partners.
@Gavin building this into Xero is something we could look to do. For now we need to focus our resources on building out core features and into areas where we get a lot of requests. In the meantime we thought it would be good to offer this functionality via a tool our accounting partner Deloitte have built. We’ll continue to monitor the requests for making this part of Xero.
@Richard Thanks for email, I think you could safely assume any person that has more than one account would like a consolidation tool!
@Richard So in other words there is no multiple currency support?
Also just noticed that it’s only for partner edition. So not only is the ‘feature’ a cheap excel hack, with no multiple currency support, it’s not available to us meer mortals with multiple companies on xero?
C’mon xero… you’re better than this!
Proper consolidations from Xero will come after we’ve delivered Report Packs completely as they build the foundations for smart consolidations. This Excel spreadsheet from Deloitte is a good temporary measure. We have also seen others use the Reporting API to pull reports out of Xero in XML and consolidate in code.
No reason why the Excel spreadsheet can’t be extended to handle currencies.
Sorry but as always there is so much to do but native consolidations is a direction we’re working towards as you can see with the Report Pack work.
Well Done Xero
This should be very useful. We’d prefer to keep consolidation in Excel anyway. Looking forward to the report pack release.
Please can I have the spreadsheet, not a partner but have 2 multi currency accounts. tips for using this with multi currency appreciated
Guys, any sign of this appearing – I can’t see it in the resources section of the partner edition but perhaps I’m missing something?
@Jon, expect to see this in Partner Edition in the next week.
Could I please have a copy of the spreadsheet? Thanks in advance.
Can I also have a copy of the spreadsheet or a link to the file? Thanks.
Quick update everyone – this tool is now available for partners in Xero Partner Edition – Resources tab. For any non-partners that would like access, please email firstname.lastname@example.org and we’ll be happy to provide it.
Awesome work guys, I keep falling in love with you over and over again!!
Has anyone used this consolidation tool? How useful have you found it?
Can the consolidation tool handle multi currency? i.e UK GBP accounts converted to Euro then consolidated with Irish Euro accounts
@Declan, you’ll need to convert figures to a standard currency first – then consolidate.
I have requested a copy of this macro from Support, so when I get it I will have a play … but realistically, I agree with others, this needs to be a core feature!
Along with the ability to run other reports across a group (e.g. how much did our subsidiaries spend with Supplier X in the last 6 months). Anyone know of any offerings from 3rd parties that might make this easier?
I’ve tried to run this but it keeps throwing up an error message, even on the demo version (‘an error has occurred on the reports – please try again’). Any of you have had error messages? If yes, how did you get round them? Thanks.
@Mel we’ll be in touch to help you get this running.
Hi there, I’m getting the same problem as Mel Cann above. Can’t even get the demo to work. Thanks!
What an awesome resource. Thank you!
can I have a copy of this macro please?
Cant even find consolidation under Resource Tab?
@Debbie it’s under the Practice Resource section in the Resource Tab
Demo worked but not when I’ve tried with our companies! Can it be because 1 company has 13 bank accounts and the other only one ??? and 1 have same account number but different name? + intercompany same accounts but different name!
@Gabrielle – this tool is now quite out of date. We haven’t updated it as there is now an Add-on Partner that provides this service. You can check them out at http://www.spotlightmulti.com/
This tool was given to me today by Xero support! Thx. Will look into the Add-on
Richard, can you pelase send me a copy of the excel tool.
Oh well, I’ll have to wait to change to Xero it seems as I don’t want to use a macro to get such reports out. And as somebody else has said ‘what about multiple currency?’
Hi everyone. Spotlight Reporting (www.spotlightreporting.com) produces simple consolidations (including multi-currency) for up to 10 related Xero orgs. Each org gets a Spotlight Report as well as the consolidated ‘group’ view, great for performance tracking and informed decision-making. Extended functionality is due soon.
Has anyone used Spotlight? I don’t want to have to convert my GBP balance sheet into USD, MYSELF, before consolidating with my USD balance sheet. That is the major pain point with consolidating, and the reason lots of folks are looking for multi-company, multi-currency consolidation. Does Spotlight have this capability?
Spotlight Multi looks like it could be useful. They offer a free demo / trial period. It seems easy to connect your subsidiaries up.
Major problem so far is that, after connecting my subsidiaries up, it fails to build the report so I actually haven’t seen if it is any good or not! I have logged this with their help desk and they got back to me very quickly but have yet to actually fix or advise. In addition,
I have two other queries logged with them I am yet to hear back on:
(1) I can’t see where Spotlight Multi allows me to enter in any consolidation elimination entries – very important for groups of companies, and
(2) because I can’t see the reports yet (as they fail to build), I don’t know how Spotlight Multi handles foreign currency conversion – it says it does it but the devil is in the detail and I want to know how it converts previous months P&L’s as well as how it converts Balance Sheet accounts such as Retained Earnings etc.
Does anybody have any experience with Spotlight Multi or can answer any of these queries?
I’m reluctant to go into details of a recent support ticket raised for our product on the Xero blog, but:
+ Multi has an editable data grid for you to perform any eliminations; and
+ Multi uses the same foreign currency conversion service as Xero, albeit not at a transaction level.
Multi is primarily designed for large-scale aggregation, benchmarking etc of franchises and not-for-profits. You’ll probably find Spotlight Reporting (which can consolidate 10 related entities) as a more fit-for-purpose tool.
From our website you can access training resources including video tutorials.
We are best suited to simple consolidation needs at this time and don’t necessarily feel that we are there yet for year-end and complex needs. The Spotlight tools are focussed primarily on the trusted advisor, advanced management reporting space.
We’ll be in touch soon. Thanks.
Could anyone at XERO provide a current update on the direction of consoldiation . We currently use XERO but need to perform consolidation functions that we no longer wish to do in excel.
If you are open to using an add-on solution for consolidations, you may wish to try Fathom ( http://www.fathomhq.com/ ). Fathom helps you to group your related companies together to easily create consolidated reports.
A few key features:
- Fathom enables consolidation for small and large groups (up to 250 entities).
- Fathom consolidates both your financial and non-financial results and also any targets.
- If required, you can easily process eliminations to filter the impact of any intercompany accounts (ie intercompany loans, management fees etc…) from your consolidated analysis.
In addition to consolidations, Fathom also helps you to easily compare, rank and benchmark each of your companies. This is specifically useful for franchises and other multi-entity organisations.
Daniela, please let me know if I can assist with a guided tour of these features.
This is exactly function i am looking for. Could you please email me? Thanks!
This is the function i am looking for. Could you email me please.
Xero … stop beating around the bush and make this a core feature.
I have 2 branches i keep in seperate accounts, … downloading the reports then consolidate in excel … takes too long .. all i want is a quicksnapshot each week.
I dont have an hour to spare to go through the excel process.
Thanks for moving this up to the important new features.
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