Consolidation in FinBoard enables users to create a group company, associate it with QuickBooks entities, and define a reporting hierarchy through a new chart of accounts. Once the parent group accounts are set up, users can map the QuickBooks chart of accounts from each entity to the corresponding parent group accounts.
This allows user to generate a consolidated overview of the combined financials for those entities. In this process, a user can chose to eliminate certain account categories that contain inter-company eliminations.
Consolidation settings are defined on the FinBoard dashboard, and reports for the consolidated entity can be generated using the FinBoard Google Sheets plugin. This can save hours of work for the accountants and finance professionals.