Trial Balance

Consolidate trial balance data

You can consolidate trial balance data from multiple engagements in Engagement Manager.
  • You can add up to 100 subsidiary engagements per consolidated engagement.
  • You can consolidate multiple consolidated engagements into tiered consolidations.
  • There is no limit to the number of tiered levels that you can consolidate.
  • To designate a parent engagement for trial balance consolidation, select
    Consolidated Trial Balance
     for the account structure when you add an engagement.
Follow these steps to consolidate trial balance data for multiple engagements.
  1. Open the engagement you want to use as the parent engagement, then select the
    Trial Balance
     tab.
  2. Select
    Setup
    , then
    Consolidation
    .
  3. Select
    Add engagement
    .
  4. Select a
    Client
    ,
    Engagement
    , and
    Balance type
    , and enter a
    Label
    .
  5. Select
    Add engagement
     to add the engagement as a subsidiary engagement.
  6. Repeat steps 3 - 5 to add more subsidiary engagements to the consolidation as needed.
  7. Optional: You can select a different primary subsidiary engagement by using the
    Primary
     dropdown. If the same account in different subsidiaries is assigned to different groupings, then we need to use the primary one.
  8. Choose an option from the
    Consolidate by
     dropdown:
    • Account Grouping
    • Account Grouping with Subcode
    • Account Number
       - If you choose to consolidate by account number and more than one of the entities has the same account number but a different description, Engagement Manager will use the account description from the first engagement listed in the consolidation setup screen.
  9. Optional: Mark the checkboxes to
    Include Budget Balances
     or
    Recalculate Prior Year Balances
    .
  10. Select
    Save
     to close the Consolidation screen.
  11. From the
    Trial Balance
     tab, select
    Data
    , then
    Consolidate
    .
Consolidated financial statements
To present consolidated financial statements on a comparison basis for a consolidated engagement:
  1. Create a consolidated engagement for the prior year that contains all subsidiaries.
  2. Set up and perform the consolidation.
  3. Enter any eliminating entries.
  4. Roll the consolidated engagement forward. This makes sure that the final Balance for the prior year will display correctly.

This article applies to:

  • PRODUCT: Cloud Audit Suite
  • Subject: Trial balance