Before you can run your first consolidation, you'll need to complete a one-time setup. This takes you through connecting your QuickBooks Online companies, defining your entity structure, and mapping your accounts. Here's what to expect.
1. Connect your QBO companies and define your entity structure
- Connect each of your QBO companies to JustConsolidate
- Designate one company as the consolidation parent
2. Map your chart of accounts
Each subsidiary company's accounts need to be mapped to an account in the parent company's chart of accounts (COA). Your subsidiaries don't need to share the same COA — JustConsolidate handles the mapping for you.
3. Configure CTA and historical account settings (foreign currency only)
If any of your subsidiaries report in a different currency, you'll also need to:
- Designate an account in the parent COA to record currency translation adjustments (CTA)
- (Optional) Designate specific balance sheet accounts to be translated at historical rates
4. Load an opening balance sheet (optional)
Skip this step if your consolidated financials will start from the earliest period of activity across all your companies.
Use this workflow if you want your consolidated reporting to begin in a later period. Here's why it's needed: JustConsolidate's period consolidation workflows consolidate period activity, not ending balances. So if you're starting consolidated reporting mid-stream, you'll need to load an opening balance sheet for each subsidiary first, then run the period consolidation workflows from there.