Before you can run your first consolidation, you'll need to complete a one-time setup. This overview will provide you with a quick read through of what to expect during on-boarding. There are separate user guides for each step that go into more detail, this is just a high-level walk through.
| QuickBooks Online | Xero |
|---|---|
| 1. Connect your entities and define your entity structure | 1. Connect your entities and define your entity structure |
| 2. Map your chart of accounts | 2. Map your chart of accounts |
| — not available - Class/location mapping coming soon | 3. Map your tracking categories |
| 3. Configure CTA and historical account settings (foreign currency only) | 4. Configure CTA and historical account settings (foreign currency only) |
| 4. Load an opening balance sheet (optional) | 5. Load an opening balance sheet (optional) |
1. Connect your entities and define your entity structure
- Connect each of your entities to JustConsolidate
- Designate one of them as the Consolidation Parent entity
The Consolidation Parent entity is a separate, purpose-built set of books that receives your consolidated results. Your existing entities are never written to and continue to operate exactly as they do today.
For Xero users Set up your consolidation entity before you begin mapping. Xero does not allow manual journals to post to certain account types, so its chart of accounts needs to be built with that in mind. See Setting up your Xero consolidation entity for the account types to use. |
2. Map your chart of accounts
Each subsidiary's accounts need to be mapped to an account in the consolidation entity's chart of accounts (COA). Your subsidiaries don't need to share the same COA — JustConsolidate handles the mapping for you.
For Xero users A handful of account types in Xero cannot accept manual journal entries, which means they cannot be used as mapping targets. JustConsolidate clearly marks which accounts in the Parent entity are blocked and cannot be mapped to. |
3. Map your tracking categories
For QuickBooks Online users This step does not apply to you. Your Class values carry through to the consolidation entity automatically, with no mapping required. Continue to the next step. |
For Xero users Xero allows two tracking categories at a time, and caps each one at 100 options. JustConsolidate uses them as follows:
The mapping workflow shows every tracking value your subsidiaries have ever used, including archived ones, and lets you decide which flow through to the consolidation entity and under what name. If your subsidiaries use consistent naming and the combined total is under 100 values, the defaults work and there is nothing to configure. |
4. 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 consolidation entity's COA to record currency translation adjustments (CTA)
- (Optional) Designate specific balance sheet accounts to be translated at historical rates
5. Load an opening balance sheet (optional)
Skip this step if your consolidated financials will start from the earliest period of activity across all your entities.
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.
For Xero users Opening retained earnings cannot be posted to Xero's system Retained Earnings account, which Xero manages itself and keeps closed to manual journals. Create an equity account of your own (should still be called Retained Earnings) in the consolidation entity for brought-forward retained earnings and use that as the target instead. |