BEFORE GOING ANY FURTHER - IT IS IMPORTANT YOU UNDERSTAND WHAT WE MEAN BY 'PARENT' AND 'SUBSIDIARY' COMPANIES...most multi-entity businesses will have what they naturally think of as a LEGAL Parent company that has wholly or partially owned subsidiaries. However, in JustConsolidate, when we make reference to Parent and Subsidiary companies, we do so from a financial consolidation perspective. We expect that you will consolidate your existing QBO company financials each period into an entirely new QBO company that you will create and define as the consolidation 'Parent'.


For example, in the graphic below, Company A may be a LEGAL parent company of two wholly owned subsidiary companies, Company B and Company C and each company is represented by a separate QBO company. However, if you want to use JustConsolidate to Consolidate financials from the three QBO companies (A,B,C) you will first create a new QBO company (eg. Parentco) that will function as the new 'financial consolidation parent company'. You will designate that new QBO company in our system as the 'Parent' and companies A, B and C become subsidiaries. JustConsolidate is designed to provide consolidated financials of A, B and C in the new QBO company created, Parentco. From a traditional accounting system perspective, think of QBO companies A, B and C as 'subsidiary ledgers' and QBO company Parentco as a 'Consolidation' ledger.







The objective of this work flow is to identify and connect your QuickBooks Online companies with our system. Connection authentication and authorization is all handled through Intuit's OAuth process so there is no data entry on your part. With just a few clicks, your companies are securely connected, your parent company is identified and your good to move on to chart-of-account mapping.


TYPICAL WORK FLOW

  • Select Company Mapping under the Setup menu
  • To connect a QuickBooks Online company, select the <Add Your First Company> button
  • Follow the prompts from Intuit’s OAuth service to authenticate and authorize the connection and use of your QuickBooks company data
  • Repeat until you have successfully added all your subsidiary and parent companies
  • The final step is to designate which of your connected companies is the consolidation or Parent company
  • IMPORTANT: the 'parent' company you create in QuickBooks Online must have the Categories Feature (i.e. Track Locations and Class ID) – this feature is currently only available starting with the ‘Plus’ level subscription. Subsidiary companies can be any subscription level, there is no requirement.