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Hi all

I have an error when consolidating P1 when you have only completed a Preliminary year end in the prior year.  The error is that the debit/credit balances do not agree.

While the year end is in preliminary status the debit / credit balances will not agree, until we run the clearing cost/revenue balances job. 

At year end it often takes months before we are ready to run this job while waiting for auditors corrections.  

So am I forced to run the clearing cost/revenue balances in order to consolidate?

Then again when the final year end adjustments have been posted?  

Any thoughts / comments welcome.

 

Barrie

 

Hi Barrie,

 

Did you resolve this with R&D in the end?

 

Nick

No reply so far Nick.

 

Somebody mentioned using the new monthly IS clear-down process.  However it’s not something this client wants to do.

 

We are just going to have to perform an early cleardown - the repeat once the auditors adjustments are posted to P13.  

Hi,

Clearing cost/revenue balances can be run multiple times and yu should not hesitate to run it as soon as it is needed for consolidation purpose, even if your balances are not yet final, i.e. you are waiting for adjustments recommended by auditors. 

I am afraid consolidation will have to be reversed in order to pass these adjustments anyway..

Hi, 

You are correct that without finalizing the accounts you cannot do the group consolidation, unless you do a manual adjustment. 

However, you can always run the ‘Clear cost/revenue’ balances option any number of time and to make sure all the profit or loss account balances are transferred to retained earnings. 

Once you complete that process, you will see that sum of your trail balance will be zero and you will be able to reconsolidate the final period.

Best Regards,

Thushan Wijayawickrama 

 

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