Consolidate Finance Book – A summary of the activity

Consolidation can be termed as aggregation of balance available in multiple “Posting” finance books of a company. This consolidation would give a overall picture of the financial performance of the company.

Transaction entries are usually passed in the “Posting” finance book of a company. The aggregation of the balances available in the multiple “Posting” finance books is made in the “Main” finance book of the company. The consolidation entries are posted in the “Main” finance book of the company. Based on the business requirements one can post the summary of the balances or even the individual transaction entries after the consolidation process is completed. The consolidation of the finance books can be done for a selected financial year or financial period. Consolidation can also be carried out for multiple posting tax book based on whether tax book is applicable or not for the company.

This page allows you to create a process for the consolidation of the finance books. You can select the type of book for which the consolidation process must be carried out. You can carry out a search to retrieve the finance books that have not been consolidated. You can search by specifying whether the consolidation is to be done for the financial year or period. You can also search by selecting the financial year or the financial period for which the consolidation it to be done. The system retrieves all the finance books that are in the “Closed” status and are yet to be consolidated at the “Main” finance book. 

You can consolidate a finance book for a period or year only if the consolidation has been completed for the previous period or year. You can consolidate a finance book only once at the end of the financial period or the financial year. The system generates a unique consolidation run number after saving the consolidation details. The system also updates the consolidation status of the finance books and the financial period / year as “In progress”. The system also updates the login ID of the user and the system date in the “Created By” and the “Created Date” fields.

This page also allows you to use the simulation run number that has been created to simulate the finance books. If the simulation run number is used for the creating the consolidation run number, the finance books that have been included in the simulation run number must be in the “Closed” status.