Software for consolidating financial statements

14-Jan-2020 05:17

Post debit entries of the non-current liabilities -- the long-term loans of the organization -- to the account of the parent company only.

This is because the parent company is usually responsible for all the group's long-term financial obligations.

Consolidating accounting statements means adding up performance report data for two or more productions, depending on equity stakes and applicable guidelines.

Think of it as totaling each financial item and ensuring the final bookkeeping result corresponds to the underlying percentage ownership — the other name for an equity stake.

List and post credit entries of the values of all the tangible and intangible non-current assets for each of the business units.

Tangible non-current assets are items such as land, equipment and machinery, whereas intangible non-current assets are items such as copyrights and research and development.

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Consolidation of financial statements is a requirement of the IAS 27 of the International Financial Reporting Standards.

Leave out the shareholding capital of any unit in which the business owns the minority interests, meaning less that 50 percent of the shareholding.

Post debit entries of all drawings made during the period, because drawings reduce the total amount of capital.

Balance sheet and owners' equity, income statement and statement of cash flows are the main items of the financial statements that can be consolidated using Business Works.

Click the general ledger module in the list of modules displayed in the menu bar of your Business Works program.These declarations are useful for appraising the financial position and results of an entire group of commonly-owned businesses.

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