Consolidation-Restructure

Consolidation is a cloud-based accounting tool that helps you handle complex GL structures across your entities seamlessly. It can be integrated with any source system, from GLs and ERPs to HRIS and more. 

With Consolidation, you can perform the activities associated with closing books for a given period and analyze impacts on financial results, such as operations in multiple currencies, mergers and acquisitions, and changes in accounting policies.

• Common situations when the Consolidation application is needed:
• When you have multiple ERP (Enterprise Resource Planning) or GL (General Ledger) systems
• When you have multiple charts of accounts (with different account types across different entities)
• When operating in different countries with multiple currencies
• When you have multiple divisions or subsidiaries
• When you have complex or changing ownership or regulatory requirements
• When you need IFRS or GAAP regulatory reporting
• When retained earnings need to be rolled forward to the next period

Planful offers a User Defined Consolidation Process feature that allows you to configure and personalize the Close process. For example, you can balance books in local and common currencies during the close process, which requires interim and reporting currencies to be processed after consolidation. For Budget and Forecasts, you can run the Consolidation Process for specific financial years (period range) for the scenario versus all years.

The workflow below gives you a high-level and quick understanding of the Consolidation process and how the topics have been organized on this page.