This workflow is designed to help you stay on top of any changes in prior period balances or routine updates required to your initial setup configuration enabling you to successfully extract and post translated balances to your parent company during a consolidation cycle. With the click of a button, our system will run a series of checks across common areas that may require updating due to the passage of time. Any problems found will be detected and alert you with the information needed to react quickly. Common issues include:

  • a change in the balance of an account in QuickBooks Online in a period prior to your last consolidation period
  • new accounts in a subsidiary company that are not mapped to an account in the parent company COA
  • subscription issues with a QuickBooks Online company
  • OAuth token issues with a QuickBooks Online company


HOW IT WORKS

  • To run a setup check, select Verify Setup under the Setup menu
  • Select the <Run Setup Verification> button to start a new scan
  • Progress indicators will display to signal an active scan - it may take up to a minute depending on the number of connected companies and periods of data to scan
  • When the scan is complete, the workflow table will feedback whether all checks passed or display clear alerts to any problems found
  • Problems are categorized by severity level
    • P1 problems are critical and cannot be ignored as the system will not be able to extract or post translated data
    • P2 problems will not prevent the system from extracting or posting translated data but financials are likely incorrect
    • P3 problems are more cautionary in nature and translated financials may be okay depending on the circumstances
  • For every problem detected, a clear statement will highlight the problem or cautionary note along with what action must be taken to cure the underlying condition


IMPORTANT - we recommend that just prior to starting your consolidation process cycle, you always run a Setup Verification to ensure your account setup is in working order. The passage of time between close cycles invariably results in some setup configurations requiring an update from time-to-time.