Chart of Accounts configuration in multi company usage

Hello Satheesh,

I need more information regarding your chart of account?
    How did you configure chart of account?
    How did you manage entries in chart of account?
    Can you give me some example for entries?
Thanks.

I have installed indian chart of accounting. I created one parent company and 3 child companies .
I generated Parent Company Accounts and child company accounts and then configured the child company accounts as the consolidated children of the Parent Company. Here in the Parent Company I want all the reports consolidated according to the Child's defined. I will show the hierarchy.

1 Balance sheet
2 Assets
3 Current Assets
4 Company 1 Sundry debtors Account
5 Company 2 Sundry debtors Account
6 Company 3 Sundry debtors Account

On consolidating the Account head " Current Assets" with All the child company "Sundry debtors Account's" the total sum is correct.Then on creating consolidation for "Assets" head from the children the total is not correct. It get doubled as there is consolidation for the Child Accounts. How will I solve this??

The mistake is shown like this.

1 Balance sheet ========> Total wrong here
1.1 Company 1 Balance sheet
1.2 Company 2 Balance sheet (These are the consolidated children)
1.3 Company 3 Balance sheet
2 Assets ========> Total wrong here
2.1 Company 1 Asset
2.2 Company 2 Asset
2.3 Company 3 Asset
3 Current Assets ========> Total correct here
3.1 Company 1 Sundry debtors Account
3.2 Company 2 Sundry debtors Account
3.3 Company 3 Sundry debtors Account

Hello Satheesh,

You need to remove the other company sundry debtor account from main company sundry debtor account field consolidated children first and make this into normal type as similar like before.After saving this changes now you need to assign this for assets.
Otherwise it will show you double balance which is obvious thing.

Hope this will help you.
Thanks.

Yes, we configured it in this way, from the lowest account head to the top account. For the Asset, what should be the internal type and Account type?? Should its consolidated Children be defined??

Hello Satheesh,

For setting consolidated children you need to put it into consolidate internal type and other 'Account Type' should depend on Dr/Cr.

Hope this will help you.
Thanks.