Introduction
Consolidation can be run as frequently as required. Once the process is complete, you can log into the Consolidation Entity and run Consolidation reports.
Prerequisites
Ensure that the consolidation group is set up correctly to meet your business needs. See Group Consolidation Setup for more details.
To perform consolidation, the user must have Consolidation Manager checked in their account-level permissions.
See:
How to run the consolidation process in AccountsIQ (12.2) - AIQ Academy
Run Consolidation
Financial Periods and Consolidation
Note the following:
- Consolidation can be run as frequently as required during a period. This will consolidate all transactions posted in prior periods.
- If you make adjustments to prior periods, re-run consolidation to ensure there are no inconsistencies between the entity and group financial reports.
Foreign Currency Groups
Prior to consolidating a multi-currency group, run revaluation in all entities in the group. See FX Revaluation Journals.
Elimination of Intercompany Balances
To automatically eliminate IC balances at consolidation, ensure the IC GL Accounts are grouped together in the Consolidation Entity under a category. If the IC accounts remain in debtors / creditors categories they won't eliminate.
Consolidate the Group
- In the group layer Entities tab, open the Consolidation Manager.
- Go to the Entity Groups list and select the correct group.
- Click Consolidate. This will consolidate the actual and budget amounts for all entities in the Consolidation Group.
Verification Results
If no errors are found, the consolidation process will proceed automatically. The Verify Consolidation Data window will open, showing the progress of the financial and statistical data consolidation in the following order:
- Verifying CTL Account consistency (Control Account)
- Verifying GL Account consistency
- Verifying GL Categories consistency
- Verifying GL Sub Categories consistency
- Verifying Currencies consistency
- Verifying Period consistency
- Verifying Dimension Tags consistency
- Verifying Reporting Information consistency
If errors are found, fix them. Click View Details for more information on any errors. 
Details of the error will then appear on screen:
If needed, you can click Print All Errors. 
Click Consolidate again. Wait for the consolidation process to complete. On completion, a confirmation message will appear.
Consolidated Reporting
Ensure consolidation has been run for the relevant period before running reports.
Consolidated reporting is available in the following places:
Report Manager
The Consolidation Entity contains fewer reports than its subsidiaries. See Reports Glossary for more details.
The most commonly used are:
- Consolidated Balance Sheet - Split By Subsidiary: This allows for comparison of the balance in each entity, and lets you drill down to transaction level. All reports that are split by subsidiary let you view data using either the consolidation entity GL categorisation or that of a subsidiary.
- Consolidated Profit and Loss - Split By Subsidiary: Similar to above but with a P&L breakdown.
- Consolidated Trial Balance - Split By Subsidiary: Lists all GL Codes split by subsidiary.
- Aged Debtors/Creditors: All outstanding payments. This can be viewed in the currency of the group or subsidiary.
- Consolidated Cashflow: This summarises the amount of cash and cash equivalents entering and leaving a group.
- Consolidated Bank Reconciliation Report: An overview of the group's bank reconciliation status. You can drill down into the unreconciled items.
- Management Accounts Pack: This includes Profit and Loss Forecast, Balance Sheet, Profit and Loss versus Budget, and Profit and Loss versus last year.
- Intercompany Balance: Shows intercompany balance for all subsidiaries that have processed intercompany transactions during a selected financial period.
