Question

Opening Balances in Group Consolidation

  • 30 April 2024
  • 0 replies
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Hi IFS Community,

What is the best practice to generate opening balances in Group Consolidation?
In IFS Cloud, there are two options available for generating opening balances in Group Consolidation:
- Update Opening Balances
- Consolidate Balances (for period 0)
To generate opening balances for the 2024 0 period, we used the Update Opening Balances option.
Everything is correct except for the lack of allocation of year end result from account 20999 to account 2098  and the lack of allocation the non controlling interest from account 20992 to account 20993. 
We don't want to change balances in the 2023 12 period, so we cannot register adjustments for the 2023 12 period to make the above allocations. 
We tried using the Consolidation Opening Balance Update Rule function to allocate the year end result, and it worked correctly, but there is still a lack of allocation of the non controlling interest (only one Consolidation Opening Balance Update Rule can be defined).
Do you have any suggestions on how to solve this?
I'll be grateful for the help.
Best regards,
Adam


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