First, compensation or invoice consolidation can be achieved, which means that if a company has multiple entities and they have issued invoices to each other, the system is able to consolidate these and prepare a compensation invoice, simplifying the financial management at the group level!
Group-level financial functions
Additionally, if you are managing multiple companies in the system, the Group Options automatically appear in the Finance section, where we will place group-level financial functions, starting with the Invoice Consolidation or Compensation function.
Compensation, invoice consolidation
- If you have multiple companies and these companies issue invoices to each other, this menu item lists the invoices not yet settled towards each other.
- The system is capable of automatically generating one invoice from multiple invoices, simplifying VAT payment and accounting.
- The system voids existing invoices and automatically generates a new one (of course, you need to initiate this process), reflecting the difference between the invoices issued between the two companies.
- Of course, the system references the voided invoices in the new invoice (based on which the new compensation invoice is generated).