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You can use the alternative account number functionality with a country chart of accounts for France (I have no knowledge of India so someone else will have to answer that). You can use a Financial Statement Version based on the country CoA to meet statutory reporting requirements in France, and you use a country VAT scheme in any case. So you do not absolutely need a non-leading ledger but you need to be careful of how you treat differences in accounting rules on things like valuation and you need to turn on Purchase accounting and install the French language for users and for the tax authorities to be able to read the accounts etc. What you can do with different accounting treatments is to have a bunch of accounts (say ending in 99) purely for adjustments from French GAAP to US GAAP (NOT the other way round - that is an absolute no-no). The rule in most European countries (especially but not only Italy) is that your books have to be maintained in local GAAP and may be adjusted to US GAAP or any other GAAP but only by making additional entries which are then excluded from local statutory reporting.
This is a short summary of a big subject and to cover it fully would be a consulting assignment (costing money).
Regards,
Roy
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| | | ---------------Original Message---------------
From: gobiki
Sent: Monday, November 14, 2011 12:05 PM
Subject: US Based Implementation Rollout for France and India
We have a U.S. based implementation that is rolling out to France and India and we have the U.S. chart of accounts set as the leading ledger. I knew France and India had their own country reporting format. Is it OK to just have country chart of account without activating the non- leading ledger? What needs to be considered for this country roll out.
Thanks,
Gobi |
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