Create Consolidation Period End Closing
Navigate to Company Setup, then click the Parent GL Ledger.
Create a new Consolidation Period End Closing record for the period (ex. 2024-03) you want to consolidate.
Enter 2024-03 in the Accounting Period field. When saving, the Consolidation Closing Name is updated to 2024-03 automatically.
Before you perform the period-end consolidation steps, please note:
All previous accounting periods before 2024-03 must be closed to prevent new GL Entries, and the consolidation steps must be completed for each of the prior accounting periods.
The current Accounting Period, 2024-03, should be open in order to post the Elimination entries.
Optional Step:
The following step is necessary only if you have subsidiaries using a base currency that is different from the parent’s base currency.
Create a Consolidation Period Exchange Rate record, and enter the Average, History, and Current Rate
For example, if USD is the parent’s base currency, and CAD is the subsidiary’s base currency.
Rate is used to convert CAD to USD using this format: 1 USD = Rate * CAD