Guide
Several legal entities, foreign subsidiaries and USD reporting. One official rule is summarised and the open questions are listed.
Amounts on a US tax return must be in US dollars, so foreign currency income and expenses are translated. The dollar is the functional currency for all taxpayers except some qualified business units, and items are translated at the rate when received, paid or accrued.
Source: www.irs.gov
A seller with a physical presence in a state is not a remote seller and must register there regardless of the amount of sales. The Wayfair decision did not change that obligation, so the seller checks with the state.
Source: www.streamlinedsalestax.org, www.streamlinedsalestax.org
A remote seller is responsible for collecting and remitting tax from its registration date and for filing returns in each state it registers in. One no-fee application through the SST Registration System covers the Streamlined member states only.
Source: www.streamlinedsalestax.org
A summary for orientation only. It is not legal advice.
Runs several companies, currencies and branches in one instance with shared masters, inter-company transactions and consolidated financial reporting. Each company can have its own configuration.
Odoo Enterprise runs several subsidiaries or branches from one database, with inter-company transactions, consolidated reporting and multi-currency accounting. Multi-Company is listed on the Enterprise Custom plan.
Finance and Controlling covers real-time accounting, cost centres, profitability analysis and group consolidation, and projects can span several countries with country-specific tax and statutory reporting.
Write down the entity structure, the currency of each company, the exchange rate source and the revaluation routine. Your auditor and CPA should sign these before migration.
No government source was found for consolidation or intercompany accounting rules. Ask your auditor.
State taxability of software and IT services was not sourced. Ask your adviser.
Forms and withholding for payees outside the United States were not sourced.
Multi-company books and USD reporting.
Multi-company accounting with consolidated reporting.
Group consolidation and multi-country projects.
No. The IRS says the dollar is the functional currency for all taxpayers except some qualified business units, and that choice follows the rules on its page. Your tax adviser decides, and we configure currencies and rates to match.
ERPNext, Odoo and SAP S/4HANA all support multi-currency accounting in the setups described on their pages. We agree the company currency, the rate source and the reporting currency in writing before any data is migrated.
We did not find a government source for this, so we do not state rules here. Your auditor or CPA tells us what applies, and we then configure the consolidation reports to that instruction and document them.
Open-source ERP with a remote delivery plan.
Modular ERP with US sales tax in scope.
What to ask about US localisation before SAP starts.
Email and online calls; we work with US teams remotely.
Short answers on sales tax, economic nexus, 1099 and currency.
Free consultation. Write to us or book a call.
