Consolidating client files

Internally maintained entity files will be updated in real-time as data is changed. When you add a new entity to the consolidation tree or want to update the data from externally maintained files, you will have to re-build the consolidation file. If you are using client files outside the consolidated file and one or more of them have been updated, Working Papers will display a message when you launch the consolidated file informing you of the update so that you can re-consolidate.

1. On the File menu, select Open to open the consolidation file.
2. On the Engagement menu, select Consolidate.
3. If applicable, click New to add any new entities to be updated by batch to the structure.
4. Click Properties to modify existing entities.
5. If applicable, select an entity in the list and click Delete to remove it from the structure.
6. Click Apply or OK to build the consolidation file.

Note the following:

• Click the Consolidate All button to force Working Papers to consolidate all entities. Normally, Working Papers will skip consolidating entities that do not appear to have changed since the previous consolidation.
• You can consolidate a single entity by right-clicking on the entity name and selecting Consolidate. This command allows you to only incorporate the changes for the selected entity.
• You can open an external entity by right-clicking on the item and selecting Open. The external file opens in a new instance of Working Papers.

• If the Enable account synchronization check box is selected for the external entity and the same account was modified in both the external file and the consolidated file, the Conflict Resolution dialog opens.

  To see an extended description of the conflict, select a conflict and additional information is displayed in the box below the list.

  You can resolve a conflict by clicking in the Resolution column, and selecting which file’s data to use from the drop-down menu that appears.

  In the case where the account properties were modified in both the consolidated and external entity file, you can select which file’s properties to use. Where an account was deleted from the external file, but modified in the consolidated file, you can keep the account in the consolidated file or delete it from the consolidated file. With annotations in a file, you can use the consolidated file’s annotations or the annotations from the external entity.

  If no choice is made, the default action is performed which is to use the newer account properties or annotations; where the account was deleted from the external file the default is to delete the account from the consolidated file.

• During consolidation of files, external entities are checked to see if the Include Prior Balances check box is selected. A message opens identifying which entities have that option selected. To continue with the consolidation and use the prior year balances from the external files rather than those in the consolidated file, click Yes. To cancel the consolidation, click No.
• Internal and external consolidations are compatible with SmartSync, even in synchronized child files. However, making changes to the consolidation structure or running a reconsolidation requires an online connection to the parent file.
• Only one user can modify the consolidation hierarchy at a time. Subsequent users can open the Consolidation dialog in read-only mode.
• If you plan on creating a consolidation hierarchy through an import, you must be online and the only person performing the import.

Related Topics

• File Structure of a Consolidated File
• How the Entity Structure works
• Entering Transactions in a Consolidated File
• Preparing Draft Financial Statements in a Consolidated File
• Troubleshooting