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Consolidations

About consolidating entities and binders

Consolidations must include these entities:
  • Parent
     - Used to create individual, specific entity returns. Data's entered at this level and combined in the sub-consolidation or Top Consolidation binder. It's critical that data's entered consistently across all entities.
  • Subsidiaries
     - Same description as the parent.
  • Elimination
     - Stores all elimination entries. Data from this binder's combined with the parent and subsidiary entities in the sub-consolidation or Top Consolidation binder. Amounts entered at the elimination level will add to, or subtract from, the consolidated totals calculated from the parent and subsidiary binders. For this reason, amounts entered in the Elimination binder that should also be entered to the consolidated totals should be entered as positives and amounts to be subtracted from the consolidated totals as negatives. As with parent and subsidiary binders, data must be entered consistently in the eliminations binder in order to have a successful consolidation.
  • Top or Sub Consolidation
     - Stores the combined or consolidated amounts of all the consolidation binder entities. The system automatically combines information from each entity in the Top Consolidation binder. Generally, very little information is entered in this binder. The same consolidation binder can be used for both federal and state consolidations.
note
For divisional consolidations, all member binders are divisions rather than subsidiaries.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Consolidations

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