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Trial balance

Consolidate trial balance data

You can consolidate trial balance data from multiple engagements in Engagement Manager.
  • You can add up to 100 subsidiary engagements per consolidated engagement.
  • You can consolidate multiple consolidated engagements into tiered consolidations.
  • There is no limit to the number of tiered levels that you can consolidate.
  • To designate a parent engagement for trial balance consolidation, select
    Consolidated Trial Balance
     for the account structure when you add an engagement.
Follow these steps to consolidate trial balance data for multiple engagements.
  1. Open the engagement you want to use as the parent engagement, then select the
    Trial Balance
     tab.
  2. Select
    Setup
    , then
    Consolidation
    .
  3. Select
    Add engagement
    .
  4. Select a
    Client
    ,
    Engagement
    , and
    Balance type
    , and enter a
    Label
    .
    note
    • When you consolidate trial balance data by account number or by account grouping, only engagements that match the consolidated trial balance's reporting periods will be available.
    • When you consolidate trial balance data by tax code, only engagements that match the consolidated trial balance's reporting periods and tax entity will be available.
  5. Select
    Add engagement
     to add the engagement as a subsidiary engagement.
    note
    Engagement Manager uses label information to create column headers and report column headers in the Trial Balance workspace.
  6. Repeat steps 3 - 5 to add more subsidiary engagements to the consolidation as needed.
    note
    • To change the order of the subsidiary engagements in the list, select an engagement and then
      Move Up
      ,
      Move Down
      , or
      Delete
      .
    • Select
      Properties
       to update the properties of an engagement.
    • Engagement Manager will assign the tax codes from the 1st subsidiary in the list to the master engagement. If the 1st subsidiary doesn’t have a tax code, Engagement Manager moves down the list until a tax code is found. If no subsidiaries have a tax code, the master is also left with a blank tax code.
  7. Optional: You can select a different primary subsidiary engagement by using the
    Primary
     dropdown.
    note
    When you change the primary subsidiary, Engagement Manager reconstructs the Trial Balance view and removes all workpaper references.
  8. Choose an option from the
    Consolidate by
     dropdown:
    • Account Grouping
    • Account Grouping with Subcode
    • Account Number
       - If you select to consolidate by account number and more than one of the entities has the same account number but a different description, Engagement Manager will use the account description from the 1st engagement listed in the consolidation setup screen.
    • Tax Code
       - If you choose to consolidate by Tax Code or Tax Code with Subcode, you need to designate tax vendor information for your firm in Engagement Manager.
    • Tax Code with Subcode
       - If you choose to consolidate by Tax Code or Tax Code with Subcode, you need designate tax vendor information for your firm in Engagement Manager.
  9. Optional: Mark the checkboxes to
    Include Budget Balances
     or
    Recalculate Prior Year Balances
    .
    note
    It's recommended that you recalculate prior year balances only once per consolidated engagement.
  10. Select
    Save
     to close the Consolidation screen.
  11. From the
    Trial Balance
     tab, select
    Data
    , then
    Consolidate
    .
Consolidated financial statements
To present consolidated financial statements on a comparison basis for a consolidated engagement:
  1. Create a consolidated engagement for the prior year that contains all subsidiaries.
  2. Set up and perform the consolidation.
  3. Enter any eliminating entries.
  4. Roll the consolidated engagement forward. This makes sure that the final Balance for the prior year will display correctly.

This article applies to:

  • Product: Engagement Manager
  • Subject: Trial balance

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