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openBLUE’s Multi-Accounting allows you to account in multiple, parallel accounting standards. This allows you to maintain parallel accounting for any combination of the following:
Usually, a Set of Books is defined as a set of transactions with the same Chart of Accounts, Calendar, Accounting Currency, Accounting Standard and Costing Method. In some situations, it is sufficient to convert or translate your Set of Books results to another Set of Books. For most applications, this is the only option. There are situations, where this is not sufficient:
Most applications replicate transaction data to be able to support the different accounting dimensions.
openBLUE was designed to support multiple accounting. The concept of Set of Books was improved with the concept of Accounting Schema. An Accounting Schema is any combination of the following:
Note, that in contrast to Set of Books, Calendar is not directly part of an Accounting Scheme, as you may have multiple calendars per accounting schema. The calendar is reduced to transaction support functions (open/close periods, summary postings, allocation definition ease of entry).
In contrast to most applications, openBLUE differentiates Transaction and the resulting accounting consequences with the following benefits:
Transactions are performed immediately with high priority (e.g. inventory update, invoice paid); the accounting is performed asynchronously with lower priority and depending on system load.
It is possible for customers to extend accounting rules, if the predefined accounting rules are not sufficient (internally, accounting rules are defined using an accounting rule engine).
"Multi-Accounting" is part of the openBLUE Professional line of products, developed by KnowledgeBlue LLC.
openBLUE Professional is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.