Consolidation is configured from the FinBoard dashboard in 2 steps:
Set up a group company,
Define chart of accounts or categories for that group company and map them to the chart of accounts of the underlying entities.
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:
Define chart of accounts or categories for group company and map them to the chart of accounts of the underlying entities.
Select the group company from the Company drop-down menu.
Click the Consolidation tab on the left.
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
You will see the QuickBooks Chart of Accounts for the individual entities on the left. Select these accounts and move them into the new structure you defined for the consolidated entity.
After moving these accounts to the new structure, you may also eliminate certain accounts if they contain inter-company transactions.
