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