Before running your first period consolidation, these are the basic steps to complete as part of your one-time setup;
COMPANY MAPPING
- connect each of your QBO companies to JustConsolidate
- designate which company is the 'consolidation parent' company
CHART-OF-ACCOUNT (COA) MAPPING
- map the accounts of each subsidiary company to an account in the parent COA
- COAs can be different across all your QBO companies
CTA / HISTORICAL ACCOUNT (Foreign Currency Consolidations only)
- designate the account in the parent company COA for booking currency translation adjustments
- optional - designate balance sheets accounts to be translated at historical rates
OPENING BALANCE SHEET (Optional)
- start your consolidated financials in an alternate opening period