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Consolidation
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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.
Use the information below to get started with Consolidation.
Refer to the checklist, a comprehensive guide for all configurations required to set up the Consolidation Control Panel.
Follow the steps in the Prerequisite article to set up consolidation, from setting currency to loading data into the application.
Go to the Explore Consolidation Control Panel tab to discover how to navigate to the core areas of Consolidation.
Refer to the folder to explore the core functionalities of Consolidation including Processes, Administration, Entry Actions, and Reports.
How-tos guide you through the steps involved in performing key tasks and gain some knowledge of how Consolidation works.
- How to Configure Retained Earnings Roll Forward?
- How to Setup for Enhanced Retained Earnings Roll Forward?
- How to Close with Consolidation?
- How to Process Consolidation With Configurable Steps?
- How to Unlock Multiple Periods in Consolidation Process?
- How to Lock Multiple Periods in Consolidation Process?
- How to Provide Security for Centralized Consolidation Users?
- How to Provide Security for Decentralized Consolidation Users?
- How to Disable Display of Security Option from the Consolidation Control Panel?
Refer to the Release Updates page to stay updated with the latest features and enhancements.