NetSuite OneWorld supports global, multi-subsidiary organizations. Codat handles the synchronization of OneWorld licenses in the same manner as described above.
- NetSuite OneWorld supports global, multi-subsidiary organizations.
- OneWorld organizes both domestic and international subsidiaries into a single hierarchical structure.
- Each subsidiary is treated as a unique legal entity for taxation and regulation purposes.
- Each subsidiary has a specific nexus (tax jurisdiction) and a specific base currency. This base currency is the currency in which the subsidiary manages its financials. Subsidiary-specific data is available for reporting.
Here's an example hierarchy in Netsuite:
That same hierarchy would be 5 different companies on the Codat platform.
Company 1: Codat Limited
Company 2: Codat Europe
Company 3: Codat France
Company 4: Codat Germany
Company 5: Codat | London
Codat maintains a 1 to 1 relationship between an entity/subsidiary and a Codat company. The linking process will result in the data of each individual entity/subsidiary being synchronized to a separate and distinct Codat company.
In order for a client to get the full picture of a company that owns multiple legal entities, its customers will need to go through a separate linking process for each legal entity that exists in the accounting package.
Elimination subsidiaries in Netsuite are used to record only journal entries and transactions between subsidiaries for consolidation purposes. This information is available on the non-elimination subsidiaries, so Codat won’t fetch elimination subsidiaries.
Updated 3 months ago