Consolidating Companies

Consolidating Companies

How to consolidate multiple companies into one for financial reporting
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This guide will go through the steps to consolidate 2 or more companies into one, so the financial reports will represent all companies together.
Please note the consolidated company should have the same financial structure set up as the subsidiary companies, so that all balances can be brought in to the relevant nominal codes.

  1. After posting transactions into your subsidiary companies, you then need to log into the company that has been created as the consolidated company.
  2. Then go into the 'Company' menu and select 'Details'.

  1. Click the 'Account Consolidation' button at the top.

  1. Enter the subsidiary company code into the entry box and click 'Add Subsidiary', do this multiple times for each subsidiary you wish to consolidate.

  1. You then select the financial year, period range and the exchange rate to use from each subsidiary you want to bring into the consolidated company. Press the 'Load Trial Balance' button for the first company in the list, this will fill in the 'Journal Reference' to use (which can be edited if you want to) and then press the 'Import into Group Journal' button. 

  1. A message will display to confirm the journal batch has been created with the first companies' balances. Now repeat the last step for the second company, then the third and so on until all companies have been imported.

  1. You will now have journals for each company, so if you go into 'Nominal' menu at the top and select 'Journals'. You will see a list of the unposted journals, click on the 'Create/Edit Journals to go into the journal batch screen.

  1. You need to set the 'Action' to be 'Existing Journal'

  1. Select a reference at the top to select one of the journal batches, if you are happy with the values, you can then press the 'Post' button at the bottom and repeat for each reference available.

  1. Now when you load a Trial Balance, Income Statement or Balance Sheet, it will be the values of the subsidiary companies consolidated into one.