Consolidation is a process of inserting the General Ledger details of Subsidiary Company/Companies into the General Ledger Account details of the Parent Company.
Here are the steps on how to consolidate:
- Setup Multi-Company. Make sure that there is a Parent Company and at least one Subsidiary company. For more information on multi-company setup, refer to: How to Setup Multi-Company.
- Close the consolidation date in General Ledger's Fiscal year of both Parent and Subsidiary company. For more information on closing fiscal period. refer to: How To Close Fiscal Year Periods.
- Log in as Administrator using Parent Company.
- On the user's menu panel, Open General Ledger then select Consolidate.
- On the Consolidation Date, Select the period to consolidate.
- Click Consolidate button.
- Once the consolidation has completed, GL accounts detail of all subsidiary company within consolidation date will be inserted in Parent Company.
Consolidation can only be done if:
- Current company is the parent company.
- GL chart of accounts of both Parents and Subsidiary are the same.
- Consolidation date of both Parent and Subsidiary company are closed.
- No unposted transaction in consolidation date.
- Parent and Subsidiary company have balanced GL details.
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