Consolidating financial statements quickbooks
Many businesses out there today actually have more than one company under one roof.When this is the case, they create a Quick Books Company File in their accounting business software for each company that they have.If you are using Quick Books Pro or Premier bookkeeping programs, to accomplish this, you would have to run the reports separately, export them to Excel and then use formulas to manually combine the numbers.With Quick Books Enterprise Solutions, this functionality is actually built into the accounting software.In addition to working with individual Quick Books files, it has an excellent consolidation feature to work with multiple Quick Books company files.
The intuitive operation and transparent numerical model will make your preparation of consolidated financial statement easier during every single step of the process.
All you have to do is choose which reports you want and which company files you want and Quick Books bookkeeping program does the rest!
One of the most common tasks I perform for my clients is consolidating or combining multiple Quick Books® files to create a combined set of financial statements.
However, when reporting financial information, the parent company is required to submit financial statements that combine their information with that of their subsidiaries.
These documents are called consolidated financial statements and allow the health of the group to be assessed as a whole, rather than piece-by-piece.