When consolidating financial statements how do you use a worksheet
(Amounts owed and receivable between NEP and MGC are eliminated in the consolidated balance sheet.) This is a very brief overview of consolidated financial statements.
It is a major topic within the university course and textbook entitled advanced accounting.
We use Timberline, but we prepare our financials each month on a consolidating spreadsheet.
Honestly, I loathe this option, I would like to convince them to move to another software that actually consolidates.
Each of these entities reports its own financial statements and operates its own business.
However, because the subsidiaries are considered to form one economic entity, investors, regulators, and customers find consolidated financial statements more beneficial to gauge the overall position of the entity.
(Since the purchases of electricity by MGC from NEP and the purchases of gas by NEP from MGC did not occur outside of the economic entity they are also eliminated.) The .
Leslie Anonymous, take a look at this free report here on Proformative...
"When Is It Time To Graduate From Quick Books:" https:// It has some good insights. Sarah Chris, you may want to look into using Adaptive Planning for consolidations.
Its primary purpose is for budgeting and forecasting, but provided you can download your G/L trial balance into the format needed to upload it into Adaptive Planning, you can very easily use it to do consolidations and other types of roll-ups.
Maybe Timberline does, and our company hasn’t learned how to use it correctly.
Like many things in construction Net Suite and Intacct are the 2 platforms I recommend most often as the place to go after QB. Intacct is G/L only while Net Suite is ERP with job cost, CRM, and customer/vendor portals native.