IFS/General Ledger™ provides a solid base for financial analysis and reporting by gathering and recording financial events from all the systems and subsidiaries in a corporate group. The component facilitates project accounting, integrated with IFS Project Management™, currency handling and voucher updates. Internal ledgers in parallel with the official general ledger, together with periodic cost allocation functionality that enables complicated accounting processes to be done in minutes, offer powerful simulation capabilities. The budget functionality allows for an optional number of parallel budget versions that can be compiled into one to ensure efficient support for decentralized budgeting. Powerful budget simulation options are also available throughout the entire code string. Integration with IFS/Consolidated Accounts™ allows any number of subsidiaries to be handled. The system can also handle an optional third currency.