1. Create Consolidated Company and setup for the company.
Remarks: The Consolidated company it created for consolidation only. The Company will not have any master data such as Customer, Vendor, Item etc or any operation transactions (i.e order, invoice etc.)
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1 | Create New Company for consolidated company Case Example:
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2 | Setup for the consolidated company
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3 | Setup Business Unit by use Assisted Setup Note: alternatively, user can go to Business Unit to setup manually. To set up manually, please see Company Consolidation - Manual Setup (1) Go to Setup & Extensions then select Assisted Setup (2) Select Process Consolidations in the group named Report on financial health (3) Company Consolidation box to be prompted, click Next to continue... (4) Choose Use an existing company if the company is already exist in Business Central (5) Select the company it will be use for consolidated company (e.g. the Consolidated Company) (6) Choose the companies to consolidate transaction from. (e.g. the subsidiaries) (7) Configuration for the business unit
(8) Specify the account if any... (9) Once the business unit configuration is completed, you can preview the consolidation test if the data in source company is ready. Otherwise, click Cancel to company the business unit configuration. (10) Go to Business Unit for review the setup. Select Tell me, then enter Business unit in the search box and then select the links in result list Business Unit Page to be shows for review |
2. Mapping for the G/L account in source company and the account number in a consolidated company.
Note: The mapping must setup for each company it included in consolidation
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1 | Go to the company it will consolidate the data to Consolidated Company the open the Chart of Accounts page Click Edit List then enter the Consol. Debit Acct. and Consol. Credit Account. Note: if the column for Consol. Debit Acct. and Consol. Credit Account is hidden in the COA page, use Personalize function to show the column on the page. |
3. Consolidation process
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1 | Specify exchange rates for consolidations Only process if a business unit uses a different currency than the consolidated company, exchange rate methods for each account must specify before consolidate (1) Go to business unit card, then select Related=> Exchange Rates => Select Average Rate (2) On the Change Exchange Rate page, modify the Relational Exch. Rate then Close the page. (3) Choose the Closing Rate action. (4) Modify the Relational Exch. Rate then Close the Page Description of Exch. Rage Option
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2 | Test Consolidations On the business unit page, select Actions => Functions => Test Database... Review the G/L Account mapping and resolve the Error if any. | ||||||||
3 | Run Consolidation On the business unit page, select Actions => Functions => Run Consolidation... Enter the Consolidation Period and Document No. then click OK After consolidated, Consolidation Trail Balance report page to be prompt Enter start date and end date then click Preview Sample Consolidated Trial balance Remarks: The Consolidated Trial Balance Report can be run by select Related => Reports => Trial Balance |
4. Eliminate repeated transactions
Processing consolidation eliminations is a manual process. Steps to eliminate repeated transactions as below:
1. Find transactions that potentially need to be adjusted and enter general journal lines to eliminate them.
2. Create General Journal for enter the eliminate entries.
Note: Please remember to enter the Business Unit in the G/L entries. Column for Business Unit is not default show on the Genera Journal Page, use Personalize function to show the column on the page.
3. Run the G/L Consolidation Eliminations report to help you assess the effect of the general journal lines before positing the adjusting transactions.
*Go to Business Units Page, select Related => Reports => Eliminations..., then enter the Consolidation Period, Journal Template Name and the Journal Batch Name that entered the elimination entries into the report filter option, then click Preview
4. The G/L Consolidation Eliminations report displays a tentative trial balance where you can simulate the consequences of eliminating entries by comparing the entries in the consolidated company with the eliminations that have been entered in the general journal.
5. Post the General Journal for elimination if the result is expected.