Step 3: Review pre-consolidation checklist

Use the Preconsolidation Checklist Organizer to ensure that you have completed all necessary tasks before consolidation. Before you begin the consolidation process, you must create a consolidation entity and return for each division included in the consolidation.
  1. Create and complete returns for divisions.
  2. Create and complete returns for eliminations.
  3. Create or transfer your general ledger data.
  4. Enter any additional manual data.
  5. Complete the federal forms.
  6. Balance each return.
  7. Review diagnostics and clear overrides in each return.
  8. Review returns to ensure detail is consistent among all the returns.
  9. Perform a full recompute on each return using the latest software version.
  10. Review the final returns on screen.
  11. Print the returns.
  12. Consolidate the returns.
Returns must meet the following conditions:
  • All division returns are completed, balanced and recomputed.
  • All diagnostics and overrides are cleared.
  • The entity type is marked correctly.
  • You must enter detail consistently to ensure the detail statement correctly reflects dollar amounts on the forms, and to prevent override situations. For example, if dividends are detailed at the lowest level for one subsidiary, they must be detailed at the same level for every other member with dividends.
To view the checklist, select Organizer > Consolidations > Step 3 - Review Pre-consolidation Checklist > Pre Consolidation Utility.
#CONSOLIDATIONS SUMMARY
Use the Consolidation Summary to verify:
  • number of returns in the consolidation
  • number of returns missing from the Consolidated Return List
  • number of returns that are out of balance
  • number of returns with computes pending.
To view the consolidation summary:
  1. Select Organizer > Consolidations > Step 3 - Review Preconsol checklist > Consolidations Summary, or click the View status report link on the Pre Consolidation Utility screen.
  2. Use the buttons on this screen to compute all divisions with compute pending, or all divisions listed. After computing the return, the Summary Report information, such as the Number of returns in consolidation, is displayed.
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