Creating consolidation chart of account

This page allows you to create the consolidation chart of account for a consolidation finance book. Tell me more.

Select the “Create Consolidation Chart Of Account” link under the “Company Consolidation” business component.

The “Create Consolidation Chart Of Account” page appears.

Enter the following fields:

Chart of Accounts ID	A unique code identifying the consolidation chart of accounts (Alphanumeric, 10). Mandatory.
Desc.	A textual description of the consolidation chart of accounts (Alphanumeric, 40). Mandatory.
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Note: A Company can have only one Consolidation Chart of Accounts ID which cannot be modified.

Enter the following fields in the “Search Criteria” group box to retrieve the account codes that have been defined for the operative chart of account of the company:

Chart of Accounts ID

Use the drop-down list box to select the code identifying the operative chart of accounts ID. All the chart of accounts ID that have been defined for the company will be available for selection in the ascending order.

Note: If the login organization unit has a parent company, the system will retrieve the Consolidation chart of accounts ID pertaining to the parent company.

Account Code From	The starting code in the range of codes identifying the accounts that you want to retrieve (Alphanumeric, 32). You can enter the code in full or specify it partially using in the “*” character. The system retrieves the details of all the account codes that are similar to the value entered here.
To	The ending code in the range of codes identifying the accounts that you want to retrieve (Alphanumeric, 32). You can enter the code in full or specify it partially using in the “*” character. The system retrieves the details of all the account codes that are similar to the value entered here.
Account Desc.	The textual description of the account (Alphanumeric, 40). You can enter the description in full or specify it partially using the “*” character. The system retrieves all the account codes that have description similar to the value entered here.
Account Group	Use the drop-down list box to select the group to which the account that you want to retrieve belongs. You can select from “Assets”, “Liability”, “Capital”, “Revenue”, “Expenditure” or “All”. The system displays “All” by default on launch of the page.

Click the “Get” pushbutton to retrieve the account details.

The system retrieves and displays the details of the accounts in the “Accounting Information” multiline based on the selected chart of account id:

Note: If the selected chart of account ID belongs to the parent company, the system retrieves the pertaining account codes.

Enter the following fields in the “Accounting Information” multiline:

Account Code	A unique code identifying the consolidation account (Alphanumeric, 32). Mandatory.
Account Desc.	The textual description of the account (Alphanumeric, 40). Mandatory.
Account Group	Use the drop-down list box to set the group to which the consolidation account belongs. You can select from “Assets”, “Liability”, “Capital”, “Revenue” and “Expenditure”. The account group is an attribute of the account, which allows it to be grouped. The system displays “Assets” by default on launch of the page.
Account Classification	Use the drop-down list box to select the category to which the account belongs. You can select from “Balance Sheet”, “Income Statement” or “Retained Earnings”. The system displays “Income Statement” by default on launch of the page.
Effective Date From	The date from which the consolidation account is effective (Date Format).

Note: The date entered in this field must be before the date entered in the “Effective Date To” field.

Effective Date To	The date till which the consolidation account is effective (Date Format).
Group Consolidation Account Code	The code identifying the parent consolidation account to which this account must be mapped (Alphanumeric, 32).
	Help facility available
Layout Heading/Schedule Heading	Use the drop down list box to select the Layout or Schedule heading to which the account must be mapped. These Layout/Schedule headings lead to form the various financial statements for the company. The system displays blank by default on launch of the page.
Layout Heading for Negative Balances	The layout heading for negative balances mapped to the layout heading.

Note: The “Layout/Schedule Heading” combo will be loaded based on the base currency of the login company. When the base currency of the login company is ‘Indian Rupees’ the Schedule Headings as per Indian Accounting Standards/ Company's Act will be loaded. When the base currency of the login company is not ‘Indian Rupees’ then the combo will be loaded with the predefined Layout Headings as per US GAAP.

Note: Layout Heading for Negative Balances will be visible when base currency of the login company is not Indian Rupees. Also it will not be visible when parameter "Separate Layout / Schedule for Negative Account Balance" is set as No.

Revised Schedule Heading	Use the drop down list box to select the Revised Schedule heading to which the account must be mapped. These Schedule headings lead to form the various financial statements for the company. The system displays blank by default on launch of the page.
Revised Schedule Heading for Negative Balances	The revised schedule heading for negative balances mapped to the revised schedule heading.

Note: The “Revised Schedule Heading” column will be visible based on the base currency of the login company. When the base currency of the login company is ‘Indian Rupees’ and the first financial calendar start date with legacy option as No before 1.4.2011,then this column will be visible.

Note: Revised Schedule Heading for Negative Balances will be visible when base currency of the login company is Indian Rupees. Also it will not be visible when parameter "Separate Layout / Schedule for Negative Account Balance" is set as No.

Click the “Create” pushbutton to create the consolidation chart of accounts.

The system saves the newly created chart of accounts ID along with the details of the consolidation account codes. The system also stores the login ID of the user and the system date along with the newly created chart of accounts ID.

To proceed, carry out the following

Select the “Edit Chart Of Accounts” link at the bottom of the page to modify the consolidation chart of accounts Id.
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.

Creating consolidation chart of account – An overview

You can enter a unique code and description identifying the consolidation chart of accounts. You can enter details like the code and description identifying the account and the date range during which the account is effective. You can also set the group to which the account belongs, the classification to which it belongs and the layout heading that is to be attached to the account. If the login organization unit has a parent company, you can also enter the parent / group consolidation account code. The system stores the login ID of the user and the system date along with the newly created consolidation account details.

This page also allows you to retrieve the account codes attached to the operative chart of account and save the same as consolidation account codes. You can search and retrieve the account codes that have been attached to the operative chart of account. You can also search by specifying a range of account codes and a date range during which the account codes are effective. You can also search by specifying the description of the account code and the group to which it belongs. The system retrieves all the account codes based on the search criteria entered.

What you can do in this page

Set account group

Classify the account

Set account group

You can set the group to which the consolidation account must belong. A consolidation account is grouped based on its attribute. You can group an account as “Assets”, “Liability”, “Capital”, “Revenue” or “Expenditure”.

Set the “Account Group” field to “Assets” to set the account as an “Asset” account.
Set the “Account Group” field to “Liability” to set the account as a “Liability” account.
Set the “Account Group” field to “Capital” to set the account as a “Capital” account.
Set the “Account Group” field to “Revenue” to set the account as a “Revenue” account.
Set the “Account Group” field to “Expenditure” to set the account as an “Expenditure” account.

Classify the account

You can classify the consolidation account for any of the financial statements. The details of the account codes will appear in the selected financial statement. You can classify an account as “Balance Sheet”, “Income Statement”, or “Retained Earnings”.

Set the “Account Classification” field to “Balance Sheet” to classify the account as a “Balance Sheet” account.
Set the “Account Classification” field to “Income Statement” to classify the account as an “Income Statement” account.
Set the “Account Classification” field to “Retained Earnings” to classify the account as a “Retained Earnings” account.