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Consolidations

Tips for consolidations

Verify gains and losses data entry

For general sales of business property (Form 4797) or capital gains (Schedule D), you have the option of allowing the system to calculate gains or losses or overriding the calculation in favor of a user-defined amount.
  1. In
    Organizer
    , go to
    Gains and Losses
     and then open either
    Disposition of Property
     or
    Capital Gains and Losses
    .
  2. Select an asset.
  3. To maintain consistent levels of data entry, make sure that all subsidiaries and parents have either:
    1. An amount entered in the
      Gain (Loss) Automatic
       field, or
    2. No amount entered in the
      Gain (Loss) Automatic
       field for system calculation.

Verify net income per books calculation

Net income per books is normally a system calculation. However, you can override the system calculation and enter your own amount.
  1. In
    Organizer
    , go to
    Balance Sheet/M1-M2-M3
     and select
    Schedule M1/M2/M3
    . Net income per books is a system-calculated amount unless the
    Do not automatically adjust Schedule M1, Line 1 for accruals
     option is selected. An amount can be manually populated using the
    Net Income Per Books
     fields.
  2. For consolidation purposes, in each subsidiary:
    1. Allow automatic system calculation for all entries (Net income per books field's automatically populated), or
    2. Select
      Do not automatically adjust Schedule M1, Line 1 for accruals
       and enter an amount for
      Net Income Per Books
       for all entities.

Print in columnar format

This columnar whitepaper print mimics the tax form. Columnar print format's available for these forms:
  • Form 1120, Pages 1-5
  • Form 1125-A
  • Form 4562
  • Form 4626
  • Form 4797
  • Form 8810
  • Form 8825
  • Form 8903
  • Schedule D
Columnar format
Column 1
Column 2
Column 3
Column 4
Combined
Eliminations
Adjustments
Consolidated Amount
This is the total of all subsidiaries or divisions, subconsolidations, and the parent.
The heading on this column's the name on your eliminations return. Any entries you made in that return will appear in this column.
This is the difference between (columns 1 and 2), and column 4. This column will contain adjustments made in the consolidation process, like charitable contribution limitations. If we find any other differences, we'll print them here also. If these appear, you probably have an override in one of your subsidiaries that's forcing an adjustment here.
This amount's the amount found on your return. If you haven't been consistent in the level of your detail, this amount won't add to the combined amounts and will force an adjustment.

Print supporting line item detail

Supporting detail print's print for line items on the tax form.
To format supporting detail for subsidiaries, first, choose the way you'd like your supporting detail for each subsidiary or subconsolidation to print. In the system, you can choose between 2 styles for this:
  1. Stacked
     - Stacked whitepaper's print in a portrait orientation showing the detail for each member of the consolidation, one below the other, printed in the order in which you listed your returns on the
    What to Consolidate
     screen. The parent's always the first company shown.
  2. Cross-Tie
     - This is a columnar print; you see the amount from each subsidiary in a spreadsheet format, rather than one below the other. Cross-tie print has 2 parts just like columnar form print; the first page shows combined, eliminations, adjustments, and consolidated. The second page shows each amount making up the combined amount.

Print Look-Through detail

This option can be selected for the Top Consolidation. For multi-tier consolidations, you'll print lower level subsidiaries on the columnar schedule.
To print the elimination company on a sub-consolidation, in
Organizer
, go to
General Information
,
Return and Print Options
, select
Subconsolidation elimination with tiered columnar detail
.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Consolidations

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