What is multi-entity reporting?
Multi-entity is used to consolidate existing Figured farms (all with unique Xero accounts) into a group to allow for consolidated financial reporting. You can envision what a Multi-Entity is from the image below:
It's great to combine farming and non-farming entities together to assess their consolidated finances if they come under the same group or corporation.
These groups can be created with any number of farms provided they're either Farm Manager or Financial Manager and that you've got access to the farms either personally or via your organisation.
Creating a multi entity group
To create a multi entity group, you click into your farms tab and then click on the button that says “Create new group”
You will be asked to give a name to the group and the year end date for the group. Make both of these whatever you would like.
You will then be able to add some farms into the group to report on. Simply click on “Add Entity” and add any farms you would like to be included.
Reporting out of a multi-entity group
The benefit to having a group is that you can then run one financial report for as many entities as you wish. This will bring in all values across the farms, and will include any consolidation or inter-entity transfers that you've done.
The three reports available in your group are your profit & loss, cash flow, and variance (P&L / CF).
Each financial report has the same reporting options as the reports found in an individual farm, and it also has the same sharing options (such as export to PDF, save to farm, and copy to clipboard).
To find out more about multi-entity vs multi-farm, check out this article here.