• Consolidation
  • About consolidation
  • Consolidations in SmartSync
  • Divisions and subdivisions
  • Add an entity
  • Customize automatic documents
  • Eliminate entries
  • Import accounting records
  • Perform a consolidation

Eliminate entries

In consolidation engagements, you can post adjustments to the Trial Balance to eliminate changes that result from transactions between subsidiaries.

Note: When performing the following procedure, designate the entry as Eliminating in the Type drop-down menu. When you define an adjustment as an elimination, you include the adjustment in automatic documents with a column for eliminating entries.

To post an adjusting entry:

1. On the ribbon, click Account | Adjusting Entries. The Adjusting Entries worksheet displays.
2. Define the adjustment by choosing among the following settings:
• Current entry: Enter a reference number for the journal entry.
• Period Type: Choose the reporting period the adjustment applies to.
• Accounts: Choose whether the journal entry applies to a financial statement, a leadsheet, or the preparation of accounts for tax return filing.
• Type: Define the journal entry's type.
• Misstatement: If the adjustment records a misstatement, choose the basis for making the adjustment.
• Recurrence: Specify whether the adjustment is a recurring or reversing journal entry.
• Description: Describe the adjustment. This description is displayed in the automatic documents for journals.
• Reference: Choose a document from the document manager to refer the journal entry to it.
3. On the first available cell in the Number column, hover your cursor over the right side to display a drop-down menu. Click the arrow to open the Type Letters for Quick Lookup dialog. Select the account where you want to make the adjustment and click Select.
4. Enter an amount in the Total Amount field. To enter a credit, add a minus (-) before or after the amount.
5. Repeat the process in the next row to select the balancing account.

You have made an adjustment. In the applicable document, it is displayed in the Adjustments column.