Year end for consolidated companies

The year end process for consolidated companies does not require any additional processing, as you will have already consolidated for the final period of the year.

The year end process will be slightly different depending on whether you use the parent company for reporting purposes only (recommended), or if you also use the parent company for trading.

Consolidate at the year end - parent company used for reporting only

Follow these steps if you use the parent company for reporting only, and do not use the company for trading.

These are the actions you need to take in the parent company and subsidiary companies:

1. Subsidiary: Complete the Year End routine for each subsidiary company.
2. Parent: Complete the Year End routine in the parent company.

3. Subsidiary: Clear consolidated amounts in each subsidiary company.

   This resets the consolidated balance back to zero for nominal accounts, P & L and Balance Sheet.

   Open: Nominal Ledger > Utilities > File Maintenance > Clear Consolidated Amounts.

4. Parent: Use Zero Balances to clear all transactions for the parent company.

   Note: This clears out This Year and Last Year values and so affects any comparative figures you might expect to see.

   Open: Nominal Ledger > Utilities > File Maintenance > Zero Balances.

   • Select Reset all balances.

5. Subsidiary: Run the consolidation.

   This posts the year to date balance for all balance sheet nominal accounts back into the parent.

   Note: Before you run the consolidation, open Accounting Periods and make sure period 1 is Open for the next financial year.

   Tip: Run the consolidation several times until you see a No items to Consolidate message. This makes sure that all balances have been correctly posted into the parent.

Consolidate at the year end - parent company used for trading

Follow these steps if you also use the parent company for trading.

These are the actions you need to take in the parent company and subsidiary companies:

1. Subsidiary: Complete the Year End routine for each subsidiary company.

2. Parent: Use Zero Balances to clear transactions for the relevant cost centres only in parent company.

   Note - warning

   Important! If you are using your parent company as a working ledger, do not clear the Nominal Ledger balances for the company. Only set the consolidated amounts to zero.

   Use Zero Balances to set the subsidiary balances in the parent company by cost centre to 0 (zero).

   Note: This clears out This Year and Last Year values and so affects any comparative figures you might expect to see.

   Open: Nominal Ledger > Utilities > File Maintenance > Zero Balances.

   • Select Reset balances associated with specific cost centre, to clear balances for each relevant cost centre.

3. Parent: Complete the Year End routine in the parent company.

4. Subsidiary: Clear consolidated amounts in each subsidiary company.

   This resets the consolidated balance back to zero for nominal accounts, P & L and Balance Sheet.

   Open: Nominal Ledger > Utilities > File Maintenance > Clear Consolidated Amounts.

5. Subsidiary: Run the consolidation.

   This posts the year to date balance for all balance sheet nominal accounts back into the parent.

   Note: Before you run the consolidation, open Accounting Periods and make sure period 1 is Open for the next financial year.

   Tip: Run the consolidation several times until you see a No items to Consolidate message. This makes sure that all balances have been correctly posted into the parent.