Processes Overview

The Processes pane in the Consolidation Control Panel consists of the below options. Click on each option to explore more on it.

• Consolidation Process - Run the Consolidation Process. If a Centralized User runs the Consolidation Process, all company/legal entities will be updated for the selected scenario and time periods. If a Decentralized User runs the Consolidation Process, only the selected company/legal entity(s) will be updated for the selected scenario and time periods. If Consolidation Status is implemented in your application, click here to read all about it. If you are not sure if Consolidation Status is implemented, click the Consolidation Process. If the center pane displays the company hierarchy with a period at the top of each column, then this feature is enabled. If the center pane is blank, it is not enabled.
  
  Note:

  During the Consolidation Process, Planful creates calculations for Non Controlling Interest, currency translation adjustments, retained earnings, Dynamic Journals, and currency conversion. Currency conversions with exceptions are not executed when the Currency Conversion process takes place from the Data Load Rules process. Currency Conversions with exceptions must be executed via Currency Exchange Rates and/or the Consolidation Process to include exception details.

  
  
• Standard Journals - Standard journal entries are created to process one-time journal entries. You can add Standard Journals to Budget scenarios.
  
  
• Recurring Journals - Recurring Journal Entries are those that will not vary across time and can be automated and consistent for each period within your process. For example, if you have an annual expense (such as rent) you can accrue the expense in twelve equal payments every month with a Recurring Journal Entry. A debit and credit to the appropriate segment intersections will be created every month.
  
  
• Dynamic Journals - Dynamic Journal Entries are used when entry balances fluctuate from period to period. For example, as a financing strategy, you take out a loan with a variable interest rate. This means that the principal and interest payments will likely fluctuate from period to period based on the loaded rate for the period.
  
  
• Non Controlling Interest - Describes the relationship between a parent company and a subsidiary (otherwise referred to as joint ventures or minority interest relationships), the related accounts, and Dynamic Journal Entries used in adjusting the investment in the subsidiary. The calculations and postings take place during the Consolidation Process.
  
  
• Reclassifications - Reclassification Entries are usually used to correct financial information that has been incorrectly posted against an intersection within the database. For example, if $500 was recorded in the wrong GL account, you can move the amount to the correct GL account with a Reclassification Entry.
  
  
• Eliminations - Elimination Sets are comprised of due to and due from accounts that make up an intercompany transaction. Eliminations are processed individually or together as part of the Elimination Process. The Elimination Process calculates and posts Elimination Entries at Eliminating Companies within your legal entity hierarchy to ensure the proper aggregation of financial information at consolidated reporting levels. For example, a transaction that involves the sale of an item manufactured by a subsidiary to another subsidiary should be eliminated when reporting consolidated results.
  
  
• Validations - Validations ensure proper data values and general accounting standards exist within the application.
  
  
• Actual Data Load - Displays the Actual Data Load grid containing the Actual Data Templates. Using the Actual Data Load process, you input actual budget data in the available templates.