Question 01
How are intercompany transactions recorded?
Both sides should be recorded together, so the balances agree before anyone consolidates.
Automation · When the books get complicated
Multi-entity accounting software for groups of companies.
Excello runs multi-entity accounting software for you: each company's books are kept inside your own QuickBooks, Xero or Odoo and closed monthly, intercompany balances are matched, and consolidated statements are prepared on request.
Companies can sit in different countries and currencies, and the group is consolidated into one reporting currency.
Every company closed. The whole group in view when you need it.
- Entities
- Books per company
- Intercompany matched
- Consolidated on request
- Closed within five business days
What is multi-entity accounting?
The basics
How Excello keeps a group of companies in order
Four steps
-
Step 01
Kept separately
Each company's transactions are matched daily and reviewed every week or every business day in its own books.
-
Step 02
Matched
Intercompany charges, loans and recharges are recorded on both sides, and the balances agreed.
-
Step 03
Closed
Every company is closed each month, within five business days as standard.
-
Step 04
Consolidated
On request, the companies are combined, intercompany amounts eliminated and the group reported in one currency.
Your multi-entity accounting system: QuickBooks, Xero and Odoo
Your ledger
The three ledgers handle several companies differently, which shapes how a group is combined.
| Ledger | How entities are set up | Group reporting |
|---|---|---|
| QuickBooks Online | A separate company file for each entity | Usually combined with an add-on tool or a workbook |
| Xero | A separate organisation for each entity | Usually combined with an add-on tool or a workbook |
| Odoo | Several companies in one database | Shared data makes combined reporting simpler to set up |
Multi-entity accounting software comparison: tools or a managed service
Side by side
| What matters | Consolidation software you run | Excello |
|---|---|---|
| Books for each company | Kept by your team | Matched daily, reviewed weekly or daily |
| Intercompany balances | Agreed by your team | Recorded on both sides and matched |
| Monthly close | Your team, company by company | Every company, within five business days as standard |
| Consolidated statements | Built by your team in the tool | Prepared on request |
| Countries and currencies | Depends on the tool | Consolidated into one reporting currency |
Multi-entity accounting software reviews: four questions to ask
Before you choose
Question 02
Can it handle different currencies?
Groups that cross borders need each entity in its own currency and the group in one.
Question 03
Who closes each entity?
Consolidation is only as good as the monthly close of every company in it.
Question 04
Where do the books live?
Check whether each entity stays in its own ledger or moves into a separate platform.
Multi-entity accounting best practices
Getting it right
Give each entity its own bank account
Shared accounts blur which company paid for what, and every payment then needs an intercompany entry.
Put intercompany arrangements in writing
A simple agreement for recharges and loans makes each entry easy to support.
Use the same chart of accounts across entities
Matching accounts make consolidation a combination, not a translation.
Record intercompany charges on both sides at once
When one company records a charge, the other records it the same day.
Close every entity on the same calendar
Group reports need every company closed for the same month.
A group of companies inside your current accounting software
Nothing to migrate
Frequently asked questions
What is multi-entity accounting?
Multi-entity accounting keeps separate books for each company in a group, records the transactions between them, and combines them into consolidated statements. Excello runs it inside QuickBooks, Xero or Odoo, with each company closed monthly.
Does Excello prepare consolidated financial statements?
Yes, on request. Each company is closed monthly, and when you ask, Excello combines them into consolidated statements with intercompany balances eliminated and everything in one reporting currency.
Can my companies be in different countries?
Yes. Excello works with groups whose companies sit in different countries and currencies, such as a US company with a UAE subsidiary, and consolidates them into one reporting currency.
What are intercompany eliminations?
They remove amounts one group company owes or charges another, so consolidated statements show only dealings with the outside world. A loan from parent to subsidiary, for example, disappears from the group balance sheet.
Do I need a separate QuickBooks or Xero file for each company?
Usually, yes. QuickBooks Online and Xero keep each legal entity in its own file or organisation, while Odoo can hold several companies in one database. Excello works inside whichever setup you have.
How is multi-entity bookkeeping priced?
Multi-entity consolidation is an add-on to your bookkeeping quote, set alongside your transaction volume and number of accounts. Every quote is agreed before any work starts, so the cost is clear from the first month.