All Steps at a Glance – Consolidation 1

Overview

Before you can perform Consolidation 1, you must create and configure the necessary objects. The required objects can be created in any order. However, because the objects are built upon each other and interconnected, we recommend following the sequence of steps outlined.

Optional: Creating requirements

Before you begin setting up the consolidation, you must first ensure that the necessary prerequisites are in place. This includes:

Display the accounting structure of your enterprise. The elements that need to be created depend on the structure of your enterprise.

Items and accounts in the general ledger

Create the items and accounts for the general ledger (see section Elements in Ledgers and Schedules).

Subledgers

Create one or more subledgers and the corresponding items, accounts, and references therein.

Statistical ledgers

Create one or more statistical ledgers and the corresponding items, accounts and references (see section Creating and configuring a statistical ledger).

Schedule

Create the required schedules if necessary.

In the Reporting entities workspace, reporting entities into which your financial data are imported, are defined.

Defining reporting entities

In the Reporting entities workspace, create elements to which postings can be made in Lucanet, i.e., reporting entities, cost center groups, cost centers as well as subtotals and totals (see section Creating and Configurting Reporting Entities).

Consolidation reporting entities

In the Reporting entities workspace, create consolidation reporting entities to which consolidation postings can be made (see section Creating and Configuring Consolidation Reporting Entities).

Importing financial data

Import your financial data into reporting entities (see section Importing data into reporting entities).

Partners are used for the consolidation in order to add partner information to postings and data imports for the internal cost allocations.

You can create and configure partners in the workspace of the same name (see Section Partner).

If transactions can be executed in multiple currencies in your enterprise, you must first create the possible transaction and display currencies (see section Creating and Configuring Currencies) as well as define exchange rate tables for the currencies (see section Creating and Configuring Exchange Rate Tables).

Once all necessary prerequisites for your company have been met, you can proceed as follows with the configuration and execution of the consolidation:

Assigning Partners

Partners can be created and assigned in the Partner workspace (see section Creating and Configuring Partners).

Defining Consolidation Areas

Define the organization elements that you want to consolidate together (see section Creating and Configuring Consolidation Areas).

Defining and Activating Period Locks

To ensure that the consolidation can be executed along with the relevant postings, the corresponding period locks must be defined and activated in the Period locks workspace (see section Configuring Period Locks)

Defining Configuration

Define the configuration for the elimination of intercompany debt or the elimination of intercompany income and expense (see section Creating and Editing Configurations).

Configuring Consolidation Wizards

Configure the wizards for elimination of intercompany debt or elimination of intercompany income and expense (see section Creating and Configuring Consolidation Wizards).

Once a consolidation wizard has been created, the consolidation is executed and a new posting is generated in the Import and Journals workspace.