Consolidating financial statements quickbooks

Its primary purpose is for budgeting and forecasting, but provided you can download your G/L trial balance into the format needed to upload it into Adaptive Planning, you can very easily use it to do consolidations and other types of roll-ups.

If your company has several divisions or wholly owned subsidiaries, consolidating financial statements from all of them gives you a complete picture of the parent company’s financial health.

Quick Books Enterprise can only combine data to produce the following reports: Here’s the problem: what if you want to do other types of financial analysis on the combined company data?

consolidating financial statements quickbooks-14

One of the most common tasks I perform for my clients is consolidating or combining multiple Quick Books® files to create a combined set of financial statements.

Most of my clients have Quick Books Enterprise, and that feature is built-in!

You want to know the answer to a simple financial question, e.g. However, if your company is of decent size, it’s probable that your accounting team uses multiple Quick Books company files to record your data.

This could be for several reasons: Any of these would result in having multiple Quick Books files – which is the case for about half of Insight Squared’s customers. Quickbooks Enterprise Solutions is the highest edition in Intuit’s product suite.

I know people will disagree, but Quick Books is not great software if you are a company with millions in revenue, and consolidate. I work for a construction company that consolidates.

We use Timberline, but we prepare our financials each month on a consolidating spreadsheet.

If required, inter-company eliminations can be applied.

Using Fathom you can easily track and monitor the performance of a consolidated group.

Once in a consolidated file, use journal entries in Quick Books to cancel out intercompany transactions that throw off the accuracy of the consolidated statements.

You can use the Combined Reports feature of your Quick Books Enterprise Edition 14.0.

Be certain to identify each transaction by its class, however, to keep the reports accurate.

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