Create Consolidation Period End Closing

Overview

Before running the consolidation process, create a Consolidation Period End Closing record for the accounting period being consolidated.

This record tracks the consolidation process and serves as the control record for currency translation, elimination entries, and consolidated financial statements.

Open the Parent GL Ledger

Navigate to the Parent GL Ledger that is configured with the Consolidation ledger type.

From the Parent GL Ledger, create a new Consolidation Period End Closing record.

Create the Consolidation Period

Create a new Consolidation Period End Closing record for the accounting period you want to consolidate.

For example:

After saving the record, the Consolidation Closing Name is automatically populated with the Accounting Period (for example, 2024-03).

Before Beginning Consolidation

Before performing the consolidation process, verify the following prerequisites:

• All accounting periods prior to 2024-03 have been closed across all subsidiaries to prevent further GL postings.
• The consolidation process has been completed for all prior accounting periods.
• The current accounting period (2024-03) remains open, since elimination entries will be created during the consolidation process.
• All transactions for the current period have been posted and reviewed.
• Required consolidation exchange rates have been entered and verified.
• Each subsidiary's trial balance has been reviewed and reconciled.

Once these prerequisites are complete, you can begin the period-end consolidation process.