All Steps at a Glance – Consolidation 2

Before you set up the consolidation, you must first create the necessary prerequisites on the Lucanet CFO Solution Platform. This includes:

If all requirements necessary for your company have been set up, you can proceed as follows with the configuration and execution of the consolidation:

Define your group structure in the Groups workspace.

Create a group

The group is the basic element of your company for consolidation (see section Defining the Group Structure).

Create consolidation dimensions and consolidation dimension elements

Consolidation dimensions are used to define all the elements of an enterprise that can be consolidated together, such as companies, or other entities that are economically related.

For each of these elements within a consolidation dimension, a consolidation dimension element must be created (see section Consolidation Dimensions and Dimension Elements).

Create consolidation area(s)

Consolidation areas are the object of consolidation in which the consolidation is executed. Consolidation areas are used to summarize all consolidation units that are to be consolidated together.

If a group consists of several foreign currency companies, all relevant exchange rate tables of the individual consolidation units must also be stored here (see section Consolidation Areas and Units).

Create the following in the Organization elements workspace:

For more information, see Organization Elements.

Define the adjustment levels in the Adjustment levels workspace on which the postings related to consolidation are made (see section Creating Adjustment Levels for Consolidation Postings).

The investment relationships and consolidation methods as well as the amortization of goodwill and, if necessary, the translation with historical exchange rates, are adminstrated in the master data (see section Administrating Master Data).

Create a Consolidated financial statements element for each time period and data level to be consolidated (see section Creating Consolidated Financial Statements).

With the app for Data transfer and proportioning you can automatically transfer the single-entity financial statement figures according to the investment relationships and prepare them for consolidation, including transaction type adjustments (see section Creating and Configuring Data Transfer and Proportioning).

Depending on the method required for consolidation in your group, create the necessary consolidation apps (see section Creating and Configuring Consolidation Apps).

The following apps are currently available in the Lucanet CFO Solution Platform:

Execute the consolidation, i.e. The consolidated financial statements and all apps contained therein, and thus generate the consolidation postings and reports (see section Executing the Consolidation).

You can display the postings and reports that were created via the Created elements tab in the respective app or from the overview table.