Consolidated consolidating financial statements

Rated 4.74/5 based on 518 customer reviews

Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or [email protected] About the AICPA The American Institute of CPAs is the worlds largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887.AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.Journal Entry templates can be used to automate much of this.The general ledger allocation sub-module can be used to take the automation a step further to generate the amounts as well as the accounts in the elimination company.The SBT Executive Series financial report writer can generate combined and consolidated financial statements for all or a specified group of companies / funds / entities.The financial report writer is able consolidate financials for companies/funds even when they are on different year ends, fiscal calendars and/or currencies.

consolidated consolidating financial statements-86

consolidated consolidating financial statements-9

Generally, a journal entry import is used for this processing or sometimes just a large copy/paste action from the source to an Executive Series journal entry.Producing the consolidated financial statements is actually easy and straightforward.It is the intercompany eliminations that requires a bit more thought as to how to approach it.One of the drawbacks to this method is that journal entries for statistical accounts do not have to balance (credits to debits) and it would be easier to make an error.Also, you would have to be careful if you use any other statistical entries for other purposes.

Leave a Reply