This workflow was introduced as an alternative to using Single Period Consolidation to extract and post consolidation journal entries and is a real time-saver if you need to re-consolidate multiple periods. This workflow is also a time-saver when consolidating for a single period and you don't need to review and confirm the extract details for each individual company, you just want to get all the entries posted and review the consolidation directly in QBO. In short, you are skipping all the review/confirm steps in the Single Period Consolidation workflow and just getting the consolidation entries posted in one click, across all companies.
WHY WOULD I WANT TO USE THIS WORKFLOW OVER THE PERIOD CONSOLIDATION WORKFLOW
- Multiple Periods to Re-Consolidate : you can re-consolidate multiple periods and companies with one-button click whereas the Period Consolidation workflow requires you to review/confirm/post a re-consolidation for each company and period one-at-a-time
- Single Period Consolidation : for experienced users who don't need to see the extract and posting detail prior to posting the consolidation journal, you can use this workflow to post the current period consolidation entries with one-button click - if you need to review the extract posting detail later, you can always look it up under the Single Period Consolidation workflow, just enter the period and the table will display the history of what was posted
- Hassle-free Month-to-Date Consolidation : looking for a quick consolidation of financials partway through the month, one button click will consolidate your month-to-date financials
OTHER KEY FEATURES
- If you are re-consolidating a prior period, the system will detect and automatically delete any existing consol journals that exist prior to booking the new journal with updated balances - note that the ability to detect and delete existing journals applies only consol journals that were booked after February 5th 2025 (see more details on this feature)
- Once the Extract & Post Consolidation Journal Entry button is engaged, the system will start running through the process to extract and post financials from each subco across the periods selected. If the extract and post fails for some reason, the display will clearly mark the event and provide you information as to why it failed. Once you have corrected the issue, you will see an additional button to Retry only the failed postings
- If you need to see the extract details after the journal has posted, use the Period Consolidation workflow - select the time period and click the review hot-link in the display table for the company/period to see the extract and JE posting detail