Consolidation is configured from the FinBoard dashboard in 4 steps:
Set up a group company,
Define chart of accounts or categories for that group company
Map them to the chart of accounts of the underlying entities.
Review
Step 1:
Set up a group company:
1. Navigate to the FinBoard dashboard
2. Click on company dropdown
3. Click "+New Group"
4. Fill in details about this consolidated group,
5. Select the companies that are part of this group.
Note: You need to connect your QuickBooks entities with FinBoard to be able to add them to the consolidated group
Step 2:
Create Groups:
Define the new Chart of Accounts structure for the consolidated entity.
Drag and drop these accounts to reorder them and create parent-child hierarchies.
Complete this for the Profit & Loss (P&L), Balance Sheet, and Cash Flow
Step 3:
Map Accounts: This step enables you to map the chart of accounts from QuickBooks entities to the group accounts created in Step 3.
The first column in the workspace displays QuickBooks accounts. You can filter these accounts by searching for the account name or by applying filters for account type and company. After filtering, you can bulk select the accounts and map them to the corresponding group company accounts.
You can also eliminate certain QuickBooks accounts that contain inter-company transactions.
Step 4:
Review and Finalise:
Review the final group accounts and their linkages to the QuickBooks entities
