Before running your first period consolidation, these are the basic steps to complete as part of your one-time setup;


CONNECT YOUR QBO COMPANIES AND CONFIGURE ENTITY STRUCTURE

  • 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 SETTING (Foreign Currency Consolidations only)

  • designate the account in the parent company COA for booking currency translation adjustments (CTA)
  • optional - designate balance sheets accounts to be translated at historical rates


OPENING BALANCE SHEET (Optional)

  • If you want to start consolidated financials in a period later than the very first natural period of activity across your companies, you will need to use this workflow to load an opening balance sheet for each of your subsidiaries
  • Why? The consolidation workflows you run each period consolidate period activity, not ending balance so to pull forward the start of your consolidated financial reporting, you will need to establish an opening balance sheet for each subsidiary, then run the period consolidation workflows