Journals — Global Consolidation

The workflow for setting up a book using Global Consolidation is shown here:

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

Using the Journals tab, you can view or edit the journal symbols or titles for new consolidation books. After you run a consolidation, journals can no longer be modified.

When you first create a consolidation book, Global or Domestic Consolidation creates the proposed list of journals to be used during consolidation.

To help you identify each journal, you see proposed journal titles and symbols based on the name of the consolidation book and entity names.

Number of journals created

Starting with 2019 R2, the number of journals that Global Consolidation creates for a consolidation book has changed. Previously, each book and entity combination needed a separate journal. Now, each book only needs one journal that includes data from all entities.

For new consolidation books, the number of journals that are created for a particular consolidation book depends on several factors, but generally the journals that Global or Domestic Consolidation creates are:

• One journal for each book that includes entities. Suppose you have a consolidation book called "Global" that consolidates the US, Australia, and UK entities. One journal called Global is created for the book.
• One journal for entity eliminations
• One journal each for books for aligning with accounting standards, tax, and user-defined books (UDBs)
• One journal each for books for aligning with accounting standards, tax, and UDB eliminations
• One statistical journal

Edit journal symbols and titles

When creating a book, Intacct creates journals for you with default symbols and titles.

You'll want to edit the journal symbols and titles under the following circumstances:

• If the proposed journal symbols aren't unique. This can happen if the book name or entity names are long, resulting in concatenated journal symbols that aren't unique. In this case, Global or Domestic Consolidation warns you when saving the book setup and prompts you to edit the journal symbols.
• If you duplicate an existing book. You might need to change the symbol and title of the journal. Intacct defaults to the same journal as the copied consolidation book.
• If you want to change the proposed journal symbols or titles. For example, you might want to use the prefix "GC_" or "Cons_" for all journal symbols. This enables grouping together journals when viewed in the Journals list in General Ledger.

Before you begin: If you need to, add journals from another book.

1. On the Journals tab, examine the list of journals for the selected book.
2. On the table row for the book, select the text field under Journal symbol and edit the journal symbol as you like.
3. On the table row for the book, select the text field under Journal title and edit the journal title as you like.
4. You can edit the symbols and titles for any additional reporting books you define. These could include books for aligning with accounting standards, tax, or user-defined books, for example.

The edited journal symbols and titles are now listed in the Journals tab. After you run a consolidation, journals can no longer be modified.

Next step: Proceed to Accounts to override.

Field-by-field definitions

Field	Definition
Add journals from another book	Select to add journals manually from other books, such as user-defined books, to this consolidation book
Book	Displays the consolidation book name
Journal symbol	The journal symbol. Journal symbols appear in the General Ledger list of journals
Journal title	The journal name.

Select books to add

Field	Definition
Select	Select the box next to the name of the book whose journal you want to add.
Book	This is the name of the book whose journal you want to add to the book.
First period consolidated with data	Shows the date of the first period that a journal was used for consolidation.