Book setup overview — Global Consolidation

Use the Book setup page to define, edit, or view the attributes of consolidation books.

About consolidation books

Domestic Consolidation: A consolidation book created with Domestic Consolidation consolidates day-to-day operations across entities in a multi-entity company with a single base currency. Domestic Consolidation books provide accurate auto-eliminations for inter-entity transactions.

Global Consolidation: A consolidation book takes entities that perform their day-to-day operations in different accounting currencies and consolidates them into a single currency for reporting. A typical example would be a region that has areas that operate in different currencies, but results must roll up into the regional totals. This requires converting operating currencies into the reporting currency, posting any currency translation adjustments that occur, and eliminating inter-entity balances that are conducted in different operating currencies.

You must set up at least one consolidation book before you can run or view any consolidation information.

Book setup steps for Global Consolidation

Global Consolidation book setup
❶ Set up book info	❷ Select entities to consolidate	❸ Review and add journals	❹ Select accounts to override	❺ Add IET auto-elimination

The main book setup steps are as follows.

1. Book information: Add essential information that applies to the entire book, including general information and currency. Enter currency information for Global Consolidation only.
2. Entities to consolidate: Select the entities to be consolidated in the book, including the elimination entity required for posting transactions for currency conversions.
3. Journals: Review the consolidation journals for the entities included in the book, and add journals from other books.
4. Accounts to override: Select any accounts to be overridden with a different currency conversion method than those set up for the overall book. The Accounts to override tab is shown for Global Consolidation only, and not for Domestic Consolidation.
5. Elimination accounts: Add GL accounts for inter-entity auto-elimination, if applicable.

Use the Book setup page

Use the Book setup page to create, edit, or delete a consolidation book.

Create a new book

1. Go to Consolidation > Setup and select Add (circle) next to Books.

2. Enter the details on all of the tabs, then select Save See the previous table for a list of tabs.

Edit or delete a book

Existing consolidation books are listed at the top right of the page.

1. Use the Books list to select the consolidation book.

2. Edit or delete the consolidation book.

   • Select Edit to change book information for an existing book. You can only change book information if no consolidation has been run for it. Otherwise, select View to see the current setup of an existing book.
   • To delete a book, first ensure that you have selected the book you want to delete. Then, verify the book information by viewing each of the four sections. When you are certain you have selected the correct book to delete, select Delete on the list of books.

What happens when you edit a consolidated book

• After running a consolidation, you can change the book setup by adding a new entity or account; and changing the historical rate date option (above the table of accounts, Consolidation only) and consolidated dimensions.
• If you change your book setup and then re-consolidate a previously consolidated period, then your posted entries will change.
For example, suppose you enable the Customer dimension for a particular book, and then consolidate that book. Then you decide to disable the customer dimension for that book, and re-consolidate. Your posted entries will not include the Customer dimension.
• You can't remove entities, change the translation method or reporting currency, or switch to automatic elimination of inter-entity balances. If you need to make changes to the book setup, delete the book and then create a new book.