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Consolidations and Eliminations

During the consolidation process, any account balances or portions of account balances that represent intercompany transactions between the companies in the consolidation group are eliminated (excluded from the merged data).

When you remove intercompany transactions, the consolidated information gives an accurate view of the financial state of that group as a whole.

All, or portions of the balances for, the following intercompany accounts are eliminated.

Accounts specified on the Accounting Company Settings form:

  • Intercompany accounts receivable account
  • Intercompany accounts payable account
  • Intercompany suspense account

Accounts specified on the Intercompany Billing Setup form:

  • Regular, overhead, and promotional labor accounts used for labor adjustments and journal entries
  • Regular, overhead, and promotional expense accounts used for cost transfers and journal entries
  • Balance sheet and other accounts used for journal entries
  • Tax accounts used for journal entries

In addition, when you set up a consolidation group, you can specify other accounts that you want eliminated you process a consolidation for that group. You identify these user-defined elimination accounts on the Eliminations tab of the Consolidated Reporting Setup form.

To make the automatic eliminations, the process compares the companies included in the consolidation group to the companies involved in intercompany transactions. Thus, if the balance of the intercompany accounts receivable account, for example, includes some transactions that involve companies that are not part of the consolidation group, the process does not eliminate that portion of the intercompany accounts receivable balance. By contrast, the process always eliminates the complete account balance for the user-defined elimination accounts that you specify on the Eliminations tab of the Consolidated Reporting Setup form.

After you process a consolidation, you can generate the Consolidated Eliminations report to review the accounts and amounts that were eliminated.