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Update Consolidation Beginning Balances

Use this screen to update the inception-to-date beginning balances for the balance sheet accounts and compress income statement accounts into current year retained earnings. This screen creates a new record in Manage Consolidation Transfer History.

You need to complete this process for each new fiscal year in a receiving location as per the selection criteria. For balance sheet accounts, this process brings forward the balances from the selected fiscal year to the new fiscal year. In the new fiscal year, income statement account balances from the selected fiscal year are compressed in the current year retained-earnings account/org. Set the Current Year Retained Earnings account/org setting on the Manage Consolidation Account/Org Mappings screen.

This screen is accessible only if you set the Consolidation Calculation Method option to Inception-To-Date on the Configure Consolidation Settings screen. You should execute this process after you run the Update General Ledger Beginning Balances screen and before you run the Create Consolidation Entries screen in the new fiscal year. 

You must manually enter initial balances for the first fiscal year.

Following the accounting rule that income statement accounts are mapped to consolidated income statement accounts and balance sheet accounts are mapped to consolidated balance sheet accounts, Costpoint performs the following steps during this process:

  • Inserts a new row/record in the Consolidation Transfer History (CONS_XFR_HS) table for each receiving location selected on the screen. The fiscal year for the new record is the next sequential year after the year selected on the screen. This year displays automatically in the Fiscal Year To Be Updated field and is non-editable. The new record period is 0.
  • Costpoint brings forth the balance sheet accounts by selecting the latest consolidation period for the fiscal year. This amount is the period "zero" amount for the Fiscal Year To Be Updated. 

    The application, similar in functionality to the Update General Ledger Beginning Balances screen, updates the consolidation beginning balances, which are considered to be the very first period in the new fiscal year. In the Consolidation Transfer History (CONS_XFR_HIS) table, the amount of the balance is recorded as the period "zero."  The current period activity is the last consolidation entry created. 

  • Sums up income statement accounts into the Current Year Retained Earnings Account entered on the Manage Consolidation Account/Org Mappings screen.
  • Sums the amounts from the latest consolidation period across all income statement accounts. This amount is the period "zero" amount for the retained earnings account for the Fiscal Year To Be Uploaded.

    The application, similar in functionality to the Update General Ledger Beginning Balances screen, updates the consolidation beginning balances, which are considered to be the very first period in the new fiscal year. In the Consolidation Transfer History (CONS_XFR_HIS) table, the amount of the balance is recorded as the period "zero."  The current period activity is the last consolidation entry created.

    The retained earnings account/org is the consolidation/org from the mapping line for the Current Year Retained Earnings row in the mapping screen.

This screen is the final step in the consolidations process. After the process is complete, you can manually transfer the Current Year Retained Earnings amount to the appropriate Prior Year Retained Earnings row in the new fiscal year record of the Manage Consolidation Transfer History screen. The Prior Year Retained Earnings row in the history should match the row in the mapping. You must perform this step before you create new consolidation entries in the new fiscal year.

Because Consolidation Transfer History has a separate record for each sending location/receiving location/fiscal year, you can rerun the Update Consolidation Beginning Balances screen as often as needed.