Rushabh, you are not hijacking, thanks for attention to this.
I have hired an in house developer (he’s learning the ropes in Frappé) to help me with such tasks. revant_one has already started with some basic things, and here is the Bounty for this particular feature.
Bountysource [Now $100!]
This would empower ERPNext considerably, since it already has multiple company support. We will send a pull request when ready.
To continue the discussion and ensure that the programmed features comply with international standards such as IFSB, I realized today that what’s really necessary is to have at the very least, two new reports for each Financial Statement: Income Statement, Balance Sheet, Cash Flow. Al these should be listed in Accounts module of ERPNext.
Report type 1
Consolidated Financial Statements
This report type would simply aggregate the financial positions of a parent company and its subsidiaries. This shows the user the overall health of the group in a holistic manner, without having to view each individual subsidiary company’s financial statements separately. User can compare years, quarters, months. Just like the existing reports in ERPNext. An added feature would be to select individual periods for comparison, amongst themselves.
Report Type 2
Combined Financial Statements
This report would show the complete financial results from each subsidiary as a separate statement, on the same report page. At the last column, it could show the consolidation of all the accounts as an aid. to compare individual to overall performance. User can select which companies to show or hide.
I referred to this Website
I also referred to this handy and clear video on how to consolidate in Quickbooks, which helps to envision the process for what we are aiming to do.
I am attaching screenshots of a mock up of how the Combined Statement should look…
Closer (part 1)
Closer (part 2) (with optional message…)
Notice that I intentionally altered some account numbering schemes to reflect dissimilar COA, but with the mapping feature where accounts from “Company B” are mapped to “Company A” group accounts, this should not be a problem.