Configuring Consolidation

Income Statement - Retained Earnings Account

This configuration is optional and is designed to ensure an accurate Trial Balance. 

To enable the Income Statement - Retained Earnings Account, follow the steps below:

1. Navigate to Maintenance > Administration > Configuration Tasks.
2. Click Income Statement - Retained Earnings Account under Consolidation.
3. Select Yes for Enable to specify accounts on the Consolidation Setup page. 
   If you select No, you will not be able to select accounts on the Consolidation Setup page as the entire section named Income Statement Retained Earnings Account will be hidden from view. 
4. Click Save.

Retained Earnings Roll Forward

The Retained Earnings Roll Forward feature allows administrators to control how financial entries are posted in the Consolidation Setup.

To enable the Retained Earnings Roll Forward, follow the steps below:

1. Navigate to Maintenance > Administration > Configuration Tasks.
2. Click Retained Earnings Roll Forward under Consolidation.
3. Select Yes for Enable. If enabled, when you access the Consolidation Control Panel and click Consolidation Setup there will be Include in the Consolidation Process checkboxes displayed for Income Statement - Retained Earnings Account and Cumulative Retained Earningssections.
   Note:

   Selecting No for Enable hides the options in the Consolidation Setup screen.
4. Click Save.

Consolidation Status Setup

Enable the Consolidation Status feature for your application. Once you enable Consolidation Status each consolidation unit will have an inherent life-cycle associated with it. This life-cycle includes several statuses to indicate where the consolidation unit is within the life-cycle. Consolidation Status offers several benefits, such as; providing the necessary information to complete the close process in a timely manner and allows consolidators to view the status by entity and time period they are responsible for.

Click here for detailed information on everything you need to know before enabling this feature.

1. Navigate to Maintenance > Administration > Configuration Tasks.
2. On the Configuration Tasks page, click Consolidation Status Setup.
   
3. The Consolidation Status Setup page is launched. Select the month and year in which you want to start Consolidation workflow and select the Enable Forward and Approve Status for Consolidation Process checkbox. 
4. Click Save.
5. Click Save & Complete. 
6. Click Continue.

Security - Consolidation Control Panel

The admin can manage the display of the Security option in the Consolidation Control Panel screen. It is available by default for all users. 

To enable or disable the security option from the Consolidation Control Panel:

1. Navigate to Maintenance > Administration > Configuration Tasks. The Configuration Task List page appears.
2. Under the Consolidation section, click the Security - Consolidation Control Panel option. The Show Security screen appears.
3. Select Yes from the Show Security Option drop-down to enable the Security option in the Consolidation Control Panel, or select No to hide the Security option.
4. Click Save to reflect the changes.