If you work with consolidated financials, then you're probably familiar with Syft's suite of elimination tools. We've updated these to make it simpler to create and review all the necessary inter-company eliminations on Syft.
Let's take a look and what's changed and how you can make the most of these enhancements.
Create eliminations in no time 💪
To streamline your elimination experience, we've revamped the navigation of the tool. Now, at the top of your screen you will see the following tabs:
Overview: view your existing account and transactions or create new ones
Setup: edit, rename, or delete your eliminations
Review: ensure your eliminations are correct across all periods
There are two places from which you can create an elimination:
Setup
Overview
Whether you're in Setup or Overview, all you need to do to get started is click on "Create elimination." You can then choose between an account or transaction elimination and begin choosing the relevant accounts or transactions.
Introducing table view ✊
We know that different views work for different people. That's why we've introduced the table view in the Setup tab for account eliminations. With the table view for account eliminations, you can select all the accounts you want to eliminate in one go. Click "Add to elimination" and you're good to go!
Pro tip 💡: Don't forget to click Save.
The benefit of table view is that you can make sure you're not missing any accounts or transactions that should've been eliminated, thanks to the multi-select ability.
Note 📝: If you prefer to see a more condensed view of your eliminations, you can switch to the summary view.
Quick filters
Some of the other benefits of the table view are the new filter capabilities. These allow you to:
Match debits and credits - if you click on this button, Syft will pull up matching debit and credit entries that you most likely need to eliminate
Find inter-company accounts - if you click on this button, Syft will quickly filter for accounts that have "due to" or "due from" and "inter-company" in their account names
What's more, the table view has filters across all columns to help you easily navigate the underlying entities within your consolidation.
Review eliminations 🔎
Reviewing your eliminations is much quicker and easier thanks to an improved navigation flow within the Eliminations tool itself. In the past, to review eliminations, you would have to navigate to the Review tab. Now, you can review them within the Eliminations section by navigating to Layouts > Eliminations > Review. This means everything you need is contained within one, neat section.
In addition, while in Review, you can select the "Edit elimination" button to automatically open the Setup tab for that elimination, allowing seamless edits of eliminations.
Show options
We have also added a new Show menu in the Review section to help you display your eliminations in exactly the way you'd like, with the ability to easily show or hide certain options. Within this menu you can choose to:
Show or hide elimination accounts
Display your eliminations in either a single column or as debit and credit columns
In this way, you can tailor your elimination screen to suit your viewing preferences.
Closing thoughts 💭
Syft's enhanced elimination tools make working with consolidated financials faster and more intuitive than ever. With improved navigation, a new table view for multi-selecting accounts, powerful filters to surface likely inter-company matches, and flexible display options, you can now create, review, and tailor eliminations with ease. These updates are designed to save you time, reduce errors, and help you stay in control of your group reporting so you can focus on what matters most.