Before you dive in, you should know that JustConsolidate is available for both QuickBooks Online and Xero. This knowledge base covers both. Start here to understand how the articles are organised and how the terminology maps between the two platforms.
One knowledge base, two applications
JustConsolidate for QuickBooks Online and JustConsolidate for Xero are separate applications, but they are the same product built on the same approach: your consolidated financials are posted as real journal entries into an actual general ledger that you own, rather than assembled as a report in our database.
Because the approach is identical, almost everything in these articles applies to you regardless of which accounting platform you use. The setup sequence, the consolidation workflow, the mapping concepts, foreign currency handling and the reporting outcome are the same on both.
Where the platforms genuinely differ, the article will tell you. Those differences are narrow and mostly confined to how you set up your consolidation entity.
How platform-specific content is marked
Anything that applies to only one platform appears in a labelled block like these:
For QuickBooks Online users Content here applies only if you are consolidating QuickBooks Online companies. Xero users can skip it. |
For Xero users Content here applies only if you are consolidating Xero organisations. QuickBooks Online users can skip it. |
If a section has no label, it applies to everyone.
A note on wording
The two platforms use different words for the same things. Rather than repeating both terms in every sentence, these articles use neutral language where possible:
- Entity means one set of books — one QuickBooks company or one Xero organisation.
- Subsidiary means an entity whose balances are being consolidated.
- Consolidation entity means the separate company or organisation you create for the consolidated results.
When an article refers to something you will actually see on screen in QuickBooks Online or Xero, it uses that platform's own term. The table below maps them.
Terminology reference
Platform and connection
| Concept | QuickBooks Online | Xero |
|---|---|---|
| One set of books for one entity | Company | Organisation |
| Unique identifier for that entity | Realm ID | Tenant ID |
| Platform owner | Intuit | Xero |
| Where the app is listed | QuickBooks App Store (apps.com) | Xero App Store |
Accounting objects
| Concept | QuickBooks Online | Xero |
|---|---|---|
| A general journal entry | Journal Entry (JE) | Manual Journal |
| The entry's title or reference field | Journal no. / Name | Narration |
| Line-level note | Memo (Description) | Description |
| Account identifier in the chart of accounts | Account number | Account code |
| Nested accounts | Sub-accounts, up to five levels | Not supported — the chart of accounts is a flat list |
| Taking an account out of use | Make inactive | Archive |
| Removing a posted journal entry | Delete | Void (the entry remains in the audit trail with a status of Voided) |
| Locking a closed period | Closing date | Lock date |
| Year end setting | Fiscal year | Financial year end |
| The entity's own currency | Home currency | Base currency |
Dimensional tagging
Both platforms let you tag transactions with an extra dimension beyond the account, so consolidated reports can be sliced by that dimension. JustConsolidate reserves the first dimension to identify which subsidiary each line came from, and leaves the second for you to use as you wish.
| Concept | QuickBooks Online | Xero |
|---|---|---|
| Dimension reserved for the subsidiary name | Location | Category 1, named Entity |
| Dimension available for your own use | Class | Category 2 — created under that name by default, rename it if you prefer |
| The individual values within a dimension | Class or Location names | Tracking options |
| Nested values | Sub-classes, up to five levels | Not supported — tracking options are a flat list |
| Untagged transactions | Unassigned | Unassigned |
| Limit on values | QuickBooks Online Plus: 40 combined across Class, Location and sub-classes. Advanced: unlimited. | 100 options per tracking category, and only two categories active at a time. |
Reports
| Concept | QuickBooks Online | Xero |
|---|---|---|
| Transaction-level ledger report | General Ledger | General Ledger Detail |
| Changing a report's layout | Customize, Save as Custom | Edit Layout, then Save as Custom |
| Profit and Loss, Balance Sheet, Cash Flow | Same names on both platforms | |
Setting up your consolidation entity
This is the one part of setup that differs meaningfully between the two platforms, and it is worth understanding before you begin.
For QuickBooks Online users Build the consolidation company's chart of accounts however you like. QuickBooks Online accepts journal entries to any account type, so there are no restrictions to work around. |
For Xero users Xero does not permit manual journals to post to certain account types. Because your consolidation entity receives everything by manual journal, its chart of accounts must avoid those types. Use these substitutions when you build it:
|
Nothing is lost by doing this. Your consolidation entity has no bank feeds, no invoices and no bills, so it has no use for the native control accounts. Once the accounts are in place you apply a custom Balance Sheet layout that groups them under the correct headings, and your consolidated statements present exactly as expected. The setup articles walk you through both steps.
Other differences worth knowing
Segmented balance sheets
On both platforms you can produce a Profit and Loss segmented by dimension, with a column for each value.
For Xero users Xero's Balance Sheet supports a tracking filter but not tracking columns. You can run a Balance Sheet for one tracking option at a time, but you cannot display every option side by side in a single report. This is a Xero reporting limitation, not a limitation in how JustConsolidate tags your entries — the dimensional data is present on every line. |
Re-consolidating a period
When you re-run a period, JustConsolidate removes the previous consolidation entries before posting the updated ones, so your consolidated financials always tie back to the current subsidiary balances.
For Xero users Xero does not allow manual journals to be deleted outright, so the previous entries are voided instead. Voided entries remain visible in Xero's audit trail but no longer affect any balances. You may see them when browsing manual journals in your consolidation entity; this is expected. |
Mapping your tracking values
For Xero users Because Xero caps each tracking category at 100 options, and your subsidiaries may collectively use more than that, JustConsolidate includes a Category Mapping workflow. It shows every tracking value your subsidiaries have ever used 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, the defaults work without any input from you. |
Charts of accounts with nested structure
For Xero users Xero's chart of accounts is a flat list with no sub-accounts. If you are used to a nested structure, you can reproduce the grouping in your reports using Xero's report layout editor rather than in the chart of accounts itself. |
Where to go next
If you are setting up for the first time, start with the Onboarding Overview article and work through the setup workflows in order. If you are already running consolidations and looking for a specific topic, the folders above group articles by stage: overview, setup, consolidation and foreign currency.
If something in an article does not match what you see on screen, check whether you have missed a platform callout — and if it still does not add up, contact support and we will put it right.