Group Consolidation Year end Process

Hi Gaurav,

Usually the master company for group consolidation is created as a container to run the consolidation flow only. [i.e. it is somewhat like a dummy company]

And no transactions are usually entered there.

Does your company enter any transactions [other than adjustment entries] in the master company?

Since such other transactions are not entered, there is no necessity in general to do any period closures, year ends or clearing of costs/revenues in the master company.

The F1 help for Group Consolidation provides some info on the general process and there is an IFS Academy course as well for Group Consolidation.

Best Regards,

Gayathrie

IFS Global Support

Hi, 
it depends on the way you are performing consolidation, I think, and the scope of reports you need to perform in Parent Company. And the IFS system version, as I know that consolidation feature has been improved recently.

If you want to report consolidated trial balance from your Parent company, you should close PnL accounts there - either by consolidation of year-end periods from children (assuming no entries are booked in Parent other than consolidation) or by regular year end-process (in this case you may consolidate regular periods only).

In my current installation, out consolidation parent is fully-functional and we need to perform regular year end there, and we are consolidating periods 1-12 only. We are in IFS v. 7.5.

Hi Gaurav,

Adjustment entries, in general, are only applicable for the specific reporting period they are entered.

That is the period entered here…

If you require those to be present in the consolidated results in other periods [within same year or subsequent years], you would need to reenter them or copy them manually into future periods.

[Note: some specific basic data setups can give alternative behaviours as well. What I mentioned above is the general behaviour]

Regarding opening balances for the master company…

You need to have an active consolidation structure and a balance version for the year opening period in the Consolidation Status window and consolidated balances should also exist for the last period of the previous year.

Then using the right mouse button option "Update Opening Balances" in the Consolidation Status window, opening balances can be updated.

To move the profit/loss in the process of updating opening balances, you need to setup relevant code strings in the Consolidation Opening Balance Update Rule window.

The F1 help related to "Update Opening Balances" will give more details on these. You can reach the F1 help related to this topic by clicking F1 while being in the Consolidation Opening Balance Update Rule window and then going to the Update Opening Balances option under Activities in that web page.

Hope this helps!

Best regards,

Gayathrie

IFS Global Support