Finance Book Consolidation – An overview

Introduction

A single company can have multiple posting finance books. These need to be consolidated to get an overall picture of the company’s financial performance.

In a single company setup, multiple finance books in the company will get consolidated periodically or yearly for statutory and business reporting purposes. Company financial statements are drawn from the main finance books after consolidation.  This activity includes tax book consolidation as well.

In case of Finance Book consolidation, the following is applicable:

Only one single consolidation voucher is created for each financial period being consolidated. The consolidation account balances are updated both in base currency and parallel base currency (if applicable).

Feature Highlights

Adjustment Entry

Entries can be posted directly in the main finance book; the respective adjustment entries are passed to represent true and fair view about the Company. These are in the nature of elimination entries to represent the true and fair view about company’s financial performance.

List of Activities

Go to Activity…

For…

Create Reporting Structure

Creating a logical grouping of posting finance books of a company

Edit Reporting Structure

Modifying reporting structures

View Reporting Structure

Viewing reporting structures

Consolidate Finance Book

Consolidating posting finance books at the main finance book of the company

View Consolidation Vouchers

Viewing consolidation vouchers generated

View Consolidation Status

Viewing consolidation status of all the posting finance books of the company

Create Adjustment Entry

Creating an adjustment entry to be posted in the main finance book of the company

View Adjustment Entry

Viewing adjustment entries posted

Set Function Defaults

Setting defaults as to exchange rate type for adjustment entry

View Function Defaults

Viewing the defaults set.