Trouble running Consolidations-Statements not balancing by Business unit after YE close in Consol. Company
Modified on: Mon, Dec 12, 2016 at 3:06 PM
User is running Consolidations for all companies and having issues.
Sequence of events:
2000 - Ran consolidations for all companies - worked - correct amounts to Retained Earnings
2001 - Ran all companies again - didn't work - incorrect amounts for three of the companies.
The 2001 amounts posted to Retained Earnings are incorrect. Same amount for revenue as net income.
When the YE close was done in the Consolidation Company by default the entire Retained Earnings amount was calculated and entered as a lump sum to a blank Business Unit Code. When processing the YE close in a consolidation company the following must take place:
Show the Business Unit Code field on the General Journal Form using "Show Columns". Ensure to run the import database and select "By Business Unit" and enter the retained earnings account and document no.
Go to the Year End Batch the entry was generated in and go to the last line. This line must be re-entered with the individual amounts per business unit similar to the lines generated for the specific Revenue and Expense lines by Business Unit Code.
Change the retained earnings line from -
12/31/06 3300 Retained Earnings 300.00
12/31/06 3300 Retained Earnings BUSUNIT1 50.00
12/31/06 3300 Retained Earnings BUSUNIT2 150.00
12/31/06 3300 Retained Earnings BUSUNIT3 100.00
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