Book information—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

To access the Global Consolidation book setup, select Consolidation > Setup > Books and select the book from the list, or select Add (circle) next to Books to create a new one. Tab to Book Setup.

Use the Book information tab to set up or view information that applies to the entire book. The Multi-currency section applies to Global Consolidation, and not to Domestic Consolidation.

Enter general information for the book

On the Book Information tab, enter the following general information for the book: journal titles, accounting method, and budget.

When consolidating for the first time, Intacct creates a copy of the included budget. This is marked as a single currency budget and is translated into the currency of the consolidation book. You can only add a budget to a book before running the consolidation.

You'll need to create separate accrual and cash consolidation books (properly labeled) if you want to run consolidated reports for both.

See the field by-field descriptions for more information about each field.

1. Enter a name for the book in the Book name field. Include the word accrual or cash in the book name if this is an accrual or cash book, respectively, to be used later for running consolidated reports on both an accrual and cash basis.
2. In the Description field, enter a description for the book.
3. Optionally, select the Default department. If your company requires the use of departments, select a default department for journal entries created during consolidation. Specifying a department enables successfully creating journal entries during consolidation that meet the default department requirement. Your selection does not affect your consolidation.
4. Optionally, edit the Statistical journal symbol and Statistical journal name, which are autofilled.
5. Optionally, select a Budget to use with the consolidation book.

   The Budget ID for the budget is fixed. You can only add a budget to a book before running the consolidation.

6. Select the Accounting method, if it can be modified.
   • If your company uses the Accrual and cash accounting method as specified on the Configure General Ledger page, you can select whether this consolidation book will be used for reporting on Accrual or Cash basis.
   • If your company uses the Accrual accounting method accounting method as specified on the Configure General Ledger page, the Accounting method field defaults to Accrual and cannot be modified.

Next step: Proceed to Enter multi-currency information for the book.

Enter multi-currency information for the book

On the Book information tab, enter multi-currency information for Consolidation books only:

• Translation methods, such as Ending Spot Rate and Weighted Average Rate.
• Consolidation currency, such as exchange rate methods. Select the overall methods for balance sheet accounts and income statements, and can then override for selected accounts on the Accounts to override tab.
• Accounts to be used for posting currency gains and losses.

1. Select the Currency you want to use for the book.

2. Select or view the exchange rate table used to get current exchange rates.

   At this time, only the Intacct Daily Rate (IDR) is available. The exchange rate can be overridden if necessary when running the consolidation.

   For details about the Intacct Daily Rate calculation, see About the Intacct daily rate.

3. Select the translation methods you want to use for the consolidation book.

   • Balance sheet accounts: Select or view the exchange rate translation method to be used for balance sheet accounts. Ending Spot Rate is common.
   • Income statement accounts: Select or view the exchange rate translation method to be used for income statement accounts. Weighted Average Rate is common.

4. Select the currency exchange gain/loss accounts for the consolidation book.

   A best practice is to track CTA for net assets and net income in the same GL account.

   • Net income: Select or view the account you want to use for currency gain and loss for net income in this book. Intacct uses this account to post currency conversion rounding transactions for income statement items.
   • Net assets: Select or view the account you want to use for cumulative translation adjustments for net assets in this book. Intacct uses this account to post currency conversion rounding transactions for balance sheet accounts.

Next step: Proceed to Entities to consolidate—Global Consolidation.

Select an exchange rate translation method for the consolidation book

Use the Multi-currency section to select the exchange rate methods for:

• Balance sheet accounts.
• Income statement accounts.

You can then override the exchange rate information for selected accounts in the Accounts to override section. For example, this is where you would set an account to use the historical rate.

For details about the exchange rate translation methods, see Global Consolidation exchange rate translation methods. For details about CTA accounts and translation methods, see Cumulative Translation Adjustment accounts and translation rate methods.

Field descriptions

The following tables describe available fields for each section.

Book information

Book information field descriptions

Field	Description
Book name	Enter a book name when creating a new book, or view the name of the current selected book. Best practice: use only letters, numbers, periods, underscores, and dashes for the book name. You cannot change the name of a book after the book is created.
Description	Enter any description you want for a new book, or view the description of the current book.
Default department	If your company requires the use of departments, select a default department for journal entries created during consolidation. Specifying a department enables successfully creating journal entries during consolidation that meet the default department requirement. Your selection does not affect your consolidation.
Statistical journal symbol	Enter or view the symbol used for the statistical journal for this book. This is used to categorize statistical data for this book. A statistical journal and statistical accounts are used to manage and record nonfinancial data. No currency translation is performed on statistical data. By default, Intacct autofills the statistical journal symbol based on the book name, adding _SJ at the end of the name.
Statistical journal title	Enter or view the title for the statistical journal for this book.
Budget	Select or view a predefined budget for this book. If a budget is selected, the budget data will be consolidated also, and will display in consolidation reports as appropriate. If you select a budget to consolidate, you can compare budget vs. actual in your consolidation financial reports. You can select only one budget per consolidation book. To get all entities data into a budget, first create the budget at the top level (General Ledger > All > Budgets repository). Because the budget function does not support foreign currencies, you enter budget amounts at the entity level. To do this, slide into each entity to enter budget data amounts, so that the budget amounts are stored for each entity with their respective base currencies. In Global Consolidation, select the budget header when creating a consolidation book (budget is optional for consolidation). When you run a consolidation, Intacct converts all entities' budget amounts from their respective base currencies into the consolidated currency. You can only add a budget to a book before running the consolidation.
Accounting method	Available only if you selected both Accrual and cash as your accounting method in your Configure General Ledger (General Ledger > Setup > Configuration). Select whether this consolidation book will be used for reporting on Accrual or Cash basis. If you will be running consolidated reports on both Accrual and Cash basis, create two consolidation books, one for each accounting method. To distinguish between consolidation books, it's recommended that you include the word "Accrual" or "Cash" in the Name of the book.

Multi-currency

The Multi-currency section is not displayed for Domestic Consolidation books, as it does not apply. Domestic Consolidation uses a single base currency.

Field	Description
Currency	Select the currency used by the book.
Exchange rate table	Select or view the exchange rate table used to get current exchange rates. At this time only one table is available, the Intacct Daily Rate (IDR). The exchange rate can be overridden if necessary when running the consolidation. For details about the Intacct Daily Rate calculation, see About the Intacct daily rate.
Translation method for Balance Sheet accounts	Select or view the exchange rate translation method to be used for balance sheet accounts. Ending Spot Rate is common.
Translation method for Income Statement accounts	Select or view the exchange rate translation method to be used for income statement accounts. Weighted Average Rate is common.
Currency exchange gain or loss account on net income	Select or view the account that will be used for currency gain and loss for net income for this book. This is the account where currency conversion rounding transactions will be posted for income statement items. A best practice is to track CTA for Net Assets and Net Income in the same GL account.
Currency exchange gain/loss account on net assets	Select or view the account that will be used for cumulative translation adjustments for net assets for this book. This is the account where currency conversion rounding transactions will be posted for balance sheet accounts. A best practice is to track CTA for Net Assets and Net Income in the same GL account.