Online financial consolidations

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Important

Some or all of the functionality noted in this article is available as part of a preview release. The content and the functionality are subject to change. For more information about preview releases, see Service update availability.

This article describes online financial consolidations in General ledger. Before you read this article, be sure to read the Financial consolidations and currency translation overview article.

Perform consolidation

After the consolidation templates are set up, use the Consolidate online page to consolidate legal entities.

1. On the Consolidate online page, on the Action Pane, select Perform consolidation.
2. Use the From and To fields to specify the date range that you want to use for the consolidation.
3. In the Template field, select the consolidation template.
4. To rebuild the account balances after the consolidation process is complete, set the Rebuild balances during consolidation process to Yes. After running the consolidation process, it's necessary to perform a Rebuild balances operation to ensure the Trial balance inquiry reflects accurate and up-to-date balances. When this option is set to Yes, the rebuild process is optimized by limiting it to the specified consolidation period using the defined From date and To date. If this option is set to No and the rebuild process is scheduled separately as a batch job, it's important that the From date and To date used in the batch job matches those used during the consolidation process. This alignment results in account balances that are consistent and accurate.
5. By default, the Description field is set to the template name, but you can edit the value.
6. To run the consolidation as a batch job, set the Batch process option to Yes, and update the fields as required.
7. Select OK to start the consolidation process.

After the consolidation process is completed, the Consolidation history tab shows a record of the process. Each legal entity that was processed during the consolidation appears in the grid.

• The Process date/time column shows when the process was started.
• The Company accounts column shows the legal entity.
• The Description column shows the text from the Consolidations page.
• The From date and To date columns show the date range that's included in the consolidation.
• The Ledger consolidation template column shows the template name.
• Use the Notes column to enter any notes about the consolidation or your review process. Notes can be entered only until the record is marked Reviewed.

To access the consolidation templates, select Consolidation online template setup on the Action Pane.

Other consolidation options

• To view the transactions, select a consolidation line, and then, under Consolidations history, on the Transactions menu, select one of the following options:

  • Select Actuals to view the transactions for this legal entity.
  • Select Budget if you included budget transactions on the template.

• After you finish reviewing the transactions, select Reviewed on the Action Pane to mark the record as Reviewed. The checkbox in the Reviewed column is selected, and Notes can no longer be entered for the record.

• Select Rerun consolidation to rerun the same consolidation process. The same template, the same dates, and the same legal entity are processed again. Any consolidation transactions are removed from the existing record and processed again on the new record.

• Select Reverse transaction to remove the transactions from the consolidated accounts. After a record is reversed, select the Show reversed checkbox to view the records that were reversed. The Reversed checkbox is selected, and a value is entered in the Reversed date/time column. Any record can be reversed, including records that were marked Reviewed.

• Use View consolidation timeline to view the background progress of the consolidations batch job. The name of the batch job is used as the title of the page that appears. After the consolidation batch job is completed, the batch job name, the status, and the start and end times are shown.

Display options

All consolidation records are kept in history and can be viewed in the grid for audit purposes.

• Use the Show option to change the lines that are shown. Select All to show both reviewed and unreviewed consolidation records.
• Select Not reviewed to show only consolidation records that aren't marked Reviewed.
• Select Reviewed to show only consolidation records that are marked Reviewed.
• Select the Show reversed checkbox to include reversed records in the grid.

For more information about consolidation templates and how to set them up, see Consolidation templates.