Consolidate trial balance data
You can consolidate trial balance data from multiple engagements in AdvanceFlow.
- 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, selectConsolidated Trial Balancefor the account structure when you add an engagement.
Follow these steps to consolidate trial balance data for multiple engagements.
- Open the engagement you want to use as the parent engagement, then select theTrial Balancetab.
- SelectSetup, thenConsolidation.
- SelectAdd engagement.
- Select aClient,Engagement, andBalance type, and enter aLabel.note
- When you consolidate trial balance data by account number or by account grouping, only engagements that match the consolidated trial balance's reporting periods will be available.
- When you consolidate trial balance data by tax code, only engagements that match the consolidated trial balance's reporting periods and tax entity will be available.
- SelectAdd engagementto add the engagement as a subsidiary engagement.noteAdvanceFlow uses label information to create column headers and report column headers in the Trial Balance workspace.
- Repeat steps 3 - 5 to add more subsidiary engagements to the consolidation as needed.note
- To change the order of the subsidiary engagements in the list, select an engagement and thenMove Up,Move Down, orDelete.
- SelectPropertiesto update the properties of an engagement.
- AdvanceFlow will assign the tax codes from the first subsidiary in the list to the master engagement. If the first subsidiary does not have a tax code, AdvanceFlow moves down the list until a tax code is found. If no subsidiaries have a tax code, the master is also left with a blank tax code.
- Optional: You can select a different primary subsidiary engagement by using thePrimarydropdown.noteWhen you change the primary subsidiary, AdvanceFlow reconstructs the Trial Balance view and removes all workpaper references.
- Choose an option from theConsolidate bydropdown:
- 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, AdvanceFlow will use the account description from the first engagement listed in the consolidation setup screen.
- Tax Code- If you choose to consolidate by Tax Code or Tax Code with Subcode, you need to designate tax vendor information for your firm in AdvanceFlow.
- Tax Code with Subcode- If you choose to consolidate by Tax Code or Tax Code with Subcode, you need designate tax vendor information for your firm in AdvanceFlow.
- Optional: Mark the checkboxes toInclude Budget BalancesorRecalculate Prior Year Balances.noteIt's recommended that you recalculate prior year balances only once per consolidated engagement.
- SelectSaveto close the Consolidation screen.
- From theTrial Balancetab, selectData, thenConsolidate.
Consolidated financial statements
To present consolidated financial statements on a comparison basis for a consolidated engagement:
- Create a consolidated engagement for the prior year that contains all subsidiaries.
- Set up and perform the consolidation.
- Enter any eliminating entries.
- Roll the consolidated engagement forward. This makes sure that the final Balance for the prior year will display correctly.
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