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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.

  • Before consolidating client files, create a blank file from scratch to ensure that there is no client data present. Ensure that this file is open before processing the consolidation as consolidation takes place into the currently open file. Any entries posted to the sub companies' accounts are automatically reflected in the combination account. In this way, the sub company and divisional accounts automatically "roll-up" to the combination accounts.

Batch Consolidation

  1. On the Engagement tab, in the Engagement group, click Consolidate.
  2. If applicable, click New to add external entities into the consolidation tree. For more information, see Adding an Entity to the Consolidated File.
  3. (Optional) If applicable, click Properties to modify existing entities.
  4. (Optional) If applicable, select an entity in the list and click Delete to remove from the Consolidation dialog.
  5. Click Apply or OK to consolidate the entity into the file.

    Tip: You can consolidate a single entity by right-clicking on the entity name and selecting Consolidate.

Click to Play

Click to Play

External entity has been consolidated.

Real-Time Consolidation

  1. Set up the subsidiary data in the parent file. For more information, see Setting up Subsidiary Records
  2. On the Engagement tab, in the Engagement group, click Consolidate.

  3. If applicable, click New to add internal entities into the consolidation tree. For more information, see Adding Entity to the Consolidated File.
  4. (Optional) If applicable, click Properties to modify existing entities.
  5. (Optional) If applicable, select an entity in the list and click Delete to remove from the Consolidation dialog.
  6. Click Apply or OK to consolidate the entity into the file.

    Tip: You can consolidate a single entity by right-clicking on the entity name and selecting Consolidate.

Click to Play

Click to Play

Internal entity has been consolidated. Internally maintained entity files will be updated in a real-time as data is changed. For more information on using real time consolidation, see Setting up the Subsidiaries Records.

 

Notes:

  • 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 Automatic Changes dialog opens enabling you to resolve the conflicts.

  • 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.

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