Multi-Entity Consolidation inside QuickBooks.
We appeal to accountants and bookkeepers using QuickBooks Online who need to consolidate and report financials on multiple companies and want this capability in QuickBooks, not another platform.
Your multiple entities are accounted for in QuickBooks, a general ledger.
Shouldn’t your consolidated accounting be handled the same way?
Get the functionality you expect from QuickBooks, consolidation in a general ledger like a traditional accounting platform without the complexity and high cost.
How it works
Create a New QuickBooks Company
Consolidated accounting and reporting is managed in a new company you create with a chart-of-accounts you design. Your existing companies remain as they are.
Set-up In JustConsolidate
Connect all your companies to JustConsolidate, configure the entity structure and map the chart-of-accounts
Run Consolidation Workflows
For periods and companies you choose, our flexible workflows translate extracted balances for COA mapping, Class ID and F/X followed by a trial balance journal entry to your consolidation company.
Book Consolidation Adjusting Entries
Intercompany elimination entries are managed by a post-consolidation workflow. Other adjustments (eg. minority interest, GAAP/IFRS or M&A related) are booked as normal journal entries directly in your consolidation company.
Consolidated Reporting
Consolidated P&L, Balance Sheet and Cash Flow reports are run from your new QuickBooks company. Financials are easily segmented by entity, sub-groups of entities, Class ID and consolidation adjustments. Supplemental reports with complete general ledger transaction details are available via in-app downloads.
A Look At Some Key Features
The Basics
No change to your existing companies
Data in your existing QuickBooks companies remains untouched, JustConsolidate is read-only. Consolidated accounting and reporting is managed in a new QuickBooks company you create and setup as your consolidation entity.
Chart-of-Account flexibility
There is no requirement for the COAs to match across any of your companies, including the new consolidation entity. You can also change your COAs over time as needed and handle COA changes retrospectively or prospectively.
Adapts to any close process
Maintain your existing subsidiary level accounting workflows as they are. JustConsolidate fits in at the end of the close cycle to help you prepare consolidated accounting and enables easy consolidation and reconsolidation of current and prior periods.
Adapts to any legal entity structure
With consolidation in an actual QuickBooks company (i.e. general ledger), you’re able to account for and support a wide range of policies, standards and M&A activity, including multi-level or sub-group consolidated reporting.
Consolidation adjustments handled by journal entry
Any required adjustments for intercompany eliminations, minority interest, M&A related, GAAP/non-GAAP callouts etc. are booked as journal entries directly to the consolidation company.
Segment by subsidiary, class ID and consolidation adjustments
Consolidated financial statements are easily segmented and filterable by subsidiary company and consolidation adjustments (using location/division field) and class ID
No limit on number of companies being consolidated
Different QuickBooks user IDs okay, just need admin rights to connect companies to JustConsolidate. All worldwide versions of QuickBooks Online supported. Non-QuickBooks entities can be consolidated with manual trial balance journal entry directly to consolidation company.
Foreign Currency Subsidiary Consolidation
FOREX rate management
Calendar month average and ending rates provided for over 200 currencies (cut-off 23:59:59 UTC). User modification of rates permitted. Exchange rate tables are downloadable to spreadsheet to facilitate audit review.
GAAP enabled translation
Balance sheet non-historical accounts translated at period ending rate. P&L accounts translated at period average rate.
Currency Translation Adjustment (CTA)
Setup engages you to designate a CTA account in the consolidation company chart-of-accounts and the consolidation workflow automatically calculates the required entry to post into CTA for the period.
Historical account translation
Setup engages you to designate any balance sheet account in a foreign subsidiary for translation at historical rate. Beginning balances in a historical account are not revalued or remeasured, only period activity in the account is translated at the average exchange rate for the period.
Workflow Productivity
Chart-of-account auto-mapping
Roll quickly through one-time chart-of-account mapping in setup with our auto-map feature, especially effective with similar COAs across your companies. Accounts can also be mapped by spreadsheet.
One-click consolidation
Whether you have a soft close process that requires constant re-consolidation of prior periods balance changes or simply a high number of subsidiaries, our workflows enable consolidation of one company one period at a time or all your companies across multiple periods with a single button click.
Re-consolidate Prior-Period balance changes
Workflows are designed to delete any existing consolidation journal entry booked for a company and period before posting an updated entry so your consolidated financials always tie-out perfectly.
Intercompany eliminations
Use a purpose built workflow to assist with creation and booking of intercompany elimination entries.
Financial Controls
User controlled consolidation
Know what is booked, all workflows to post consolidation journal entries are executed by the user.
Data validation through full trial-balance consolidation
Consolidation by means of extracting a full trial balance from the subsidiary and posting a traditional balanced DR/CR journal entry to the consolidation company ledger guarantees a complete tie-out with the subsidiary. Simply put, data validation is underpinned by ‘accounting technology’ that has been relied on for over 500 years, double-entry bookkeeping!
General Ledger transaction detail reconciliation
Trace from transaction to consolidation level using a purpose built workflow that generates a downloadable spreadsheet for each subsidiary company that connects the complete GL level detail of all period transactions to the COA mapping that aligns with consolidated financial statements.
Audit ready consolidated reporting
Our approach to consolidation with financials underpinned by an actual general ledger, has enabled countless private and public companies worldwide to meet the stringent reporting and internal control needs of regulated entities.
Data security
JustConsolidate is authorized to access only the accounting data in your QuickBooks companies. We are 100% cloud based. All data is fully encrypted at rest/in-transit and most extracted data is dumped after consolidation journal entry posting. We are an Intuit certified app partner and undergo annual independent 3rd party security testing.
Why
JustConsolidate?
Have your QuickBooks extend-to-end
Improved Operational Productivity
+
Tighter Financial Controls
Since 2018, what started out as an in-house tool is now trusted by accounting service providers and private/public companies worldwide to consolidate thousands of companies every month.
