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

Import accounting records

Before you complete an internal consolidation, you need to import all the relevant accounting records into the Working Papers file. You can customize the import process to suit the needs of different files your clients may give you.

To import a single entity's accounting records:

1. On the ribbon, click Engagement | Import | Excel File or ASCII Text File. The Import Wizard displays.

2. Complete the welcome page:

   • In the File to import field, Browse for the Excel or ASCII file to import.

   • In the Components to import drop-down menu, you can define whether the file contains a Trial Balance (Chart of Accounts & General Ledger Balances), transactions (General Ledger Details), or Adjusting Entries.

     Note: We recommend that you import one file with the Trial Balance, then one file with adjusting entries.

   • In the Period Date Sequence for importing period balances drop-down menu, you can select the reporting period that the account balances correspond to. These reporting period options are set up in the file's Engagement Properties.

   When complete, click Next.

3. On the Specify Data Properties page, specify the rows to exclude and which special characters to remove (based on the Text Qualifier from the worksheet). Click Next.

4. On the Field Details page, define the worksheet's columns. Above the column you want to define, click Ignore, then select the appropriate heading. You must define one column as the Account Number column to proceed.

   If you define a column as a Balance, you can specify whether the column displays the Debit field, the Credit field, or both.

   Click Next.

5. On the Assign Entity page, you can assign any unassigned accounts to different entities in the consolidation engagement. Under Unassigned Accounts, select the account you want to assign, then under Entities, select the entity you want to assign the account to. Click Assign.

The unassigned accounts have been assigned to their respective entities. You can now complete the import process.

Import accounting records from multiple entities

The process of importing an Excel or ASCII file with multiple entities' accounting records depends on how the file categorizes the information for entities.

To import multiple entities' accounting records when the file has distinct columns for entities and account numbers:

• On the Field Details page, to define the column with the entities, right-click the heading of the appropriate column, select Account Details, then select Entity Abbreviation.

The entities and account numbers have been separated. You can now complete the import process.

To import multiple entities' accounting records when the file has a single column for entities and account numbers:

1. On the Field Details page, right-click the column with both the entities and the account numbers, select Account Details, then select Account Number.
2. Separate entities from account numbers by performing either of the following:
   • When one number represents both the entity and the account, under Entity Position, select Account Number and Entity share same field but are not separated. After making your selection, you can insert Entity Start Position and the Number of Characters to specify where the Entity name is located.
   • When the entity and account number are delimited, where a character(s) separates each field, enter this character(s) into Field Separator(s), then click Advanced. Account Number Details dialog opens. The Account Number Details dialog displays entities and account numbers separated into distinct columns. Define the column with the entities as Entity. Click OK.
3. Click Next.

The entities and account numbers have been separated. You can now complete the import process.