How to Process Consolidation With Configurable Steps?

Use Configurable Steps to configure and personalize your Close process. For example, you can balance books in local and common currencies during your Close process and require interim and reporting currencies to get processed after Consolidation is complete. For Budget and Forecasts, you have the flexibility to run the Consolidation Process for specific financial years (period range) for the scenario versus all years.

If you don't use Configurable Steps, the Consolidation Process runs conversions and other calculations for common currency, local currency, interim currency, and reporting currency all at once in a big chunk. For example, let’s say you wanted to post Eliminations, Dynamic Journals (in common currency), and Reclassifications. You have to run the Consolidation Process, then Eliminations, and then the Consolidation Process again so that interim and reporting currency would reflect the eliminated intercompany transactions. With the User Defined Consolidation Process, you can process local currency and common currency, post eliminations and common currency adjustments (if any), and then consolidate interim and reporting currency.

In Practice

1. Navigate to the Consolidation Control Panel from the Planful application home page.
2. Select the Scenario, Period, and Company.
   
   
3. Click the Consolidation Process and select the Process from the Entry Actions. The Process Setup page is displayed.
   
   
4. The Configurable Steps tab is displayed by default as shown below.
   
   
5. The Period Selected field is populated based on the Period selected on the Consolidation Control Panel. Select a TO period if you want to run the process for multiple periods.
6. Click the slider for Email Notification to turn it on and select the email addresses of those you want to send the Consolidation Process Status Log.
   
   
7. In the Configurable Steps pane, select the Interim Currency(ies) you want to be consolidated during the Consolidation Process. The number of available Interim currencies is based on the number of Interim Currencies specified on the Define Currency Parameters Configuration Task.
8. Select the Reporting Currency(ies) you want to be consolidated during the Consolidation Process. Reporting Currency is defined in Hierarchy Management. In the image below, you can see how the leaf level members in the Reporting hierarchy match up with the Reporting Currency on the Consolidation Setup page.
   
9. Select to include Eliminations, Dynamic Journals, and Non Controlling Interest to be processed during the Consolidation Process. Alternatively, do not select the checkboxes should you choose to process Dynamic Journals and Non Controlling Interest outside of the Consolidation Process. Customers who had earlier opted to include Dynamic Journals and Non Controlling Interest as part of the Consolidation Process will see that both options are selected when they navigate to the Process Setup page.
   
   Note:

   Once you select the checkbox to include Dynamic Journals to be processed during the Consolidation Process, you cannot select specific Dynamic Journal Entries to process for the period. Instead, all active Dynamic Journal Entries for the period will be processed.
   
   
10. Click the System Defined Steps tab. The Consolidation Process calculates both Common and Local Currency by default. The system populates the activities under Local Currency and Common Currency based on the required actions and the configuration of your application.
    
    
11. Clicking the History tab allows you to view information on the period, date, and time the last Consolidation Process was run, as well as the User who ran the process and the process Status.
    
    
12. Click the View Setup tab to view the account setup completed on the Consolidation Control Panel > Consolidation Setup.
    
    
13. Click Save my settings to ensure that your selections for Interim and Reporting currency are retained from the previous run every time you access the Process Setup page. Settings are user-specific.
14. Click Process.