---
title: "All Steps at a Glance"
description: "Before you can perform consolidation using Lucanet Consolidation 2, you must first create and configure the necessary elements and apps.\nWhich elements you need to create depends on the organization and the structure of your company and on the chosen consolidation method."
source_url: https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/all-steps-consolidation-2
language: en
last_updated: 2023-08-16
---
# All Steps at a Glance – Consolidation 2

## Overview

Before you can perform consolidation using Lucanet Consolidation 2, you must first create and configure the necessary **elements** and **apps.**

Which elements you need to create depends on the organization and the **structure of your company** and on the chosen **consolidation method**.

As the required elements are based on and linked to each other, we recommend that you follow the sequence of steps described here.

{% process-steps %}
{% process-step title="Create prerequisites" %}
Before you set up the consolidation, you must first create the necessary prerequisites on the Lucanet CFO Solution Platform. This includes:

{% accordion %}
{% accordion-item title="Creating Accounting Structures" %}
Map 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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/report-analyze/elements-ledgers-schedules.md)).

**Subledgers**

Create the subledger(s) and the corresponding items, accounts and references. (The procedure for this is described in the Lucanet Financial Client online help.)

**Statistical ledgers**

Create one or more statistical ledgers and the corresponding items, accounts and references (see section [Creating and Configuring a Statistical Ledger](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/konfiguration-der-arbeitsbereiche/create-configure-statistical-ledger.md)).

**Schedules**

If necessary, create the required schedules (see section Creating and Configuring Schedules).
{% /accordion-item %}
{% accordion-item title="Defining Reporting Entities and Importing Financial Data" %}
In the **Reporting entities** workspace, reporting entities into which your financial data are imported, are defined:

**Define reporting entities**

Define all companies of your group as reporting entities (see section [Reporting Entities](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/reporting-entities.md)).

**Import financial data**

Import your financial data into reporting entities (see section [Importing Data Into Reporting Entities](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/imports-journals/importing-data-into-reporting-entities.md)).
{% /accordion-item %}
{% accordion-item title="Optional: Defining Partners" %}
Partners are used during consolidation to provide partner information for the **intercompany transactions** for postings and data imports.

You can create and configure partners in the workspace of the same name (see section [Partners](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/partners.md)).
{% /accordion-item %}
{% accordion-item title="Optional: Configuring Currency Translation" %}
If transactions are made in different currencies in your company, you must first create the possible transaction and display currencies (see Section [Creating and Configuring Currencies](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-currency.md)) and define exchange rate tables for the currencies (see Section [Creating and Configuring Exchange Rate Tables](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/currency-translation/create-configure-exchangerate-table.md)).
{% /accordion-item %}
{% /accordion %}

If all requirements necessary for your company have been set up, you can proceed as follows with the configuration and execution of the consolidation:
{% /process-step %}
{% process-step title="Defining the Group Structure" %}
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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/defining-group-structure.md)).

**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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/defining-group-structure/consolidation-dimensions-and-elements-conso-2.md)).

**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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/defining-group-structure/consolidation-areas-conso-2.md)).
{% /process-step %}
{% process-step title="Defining Organization Elements" %}
Create the following in the **Organization elements** workspace:

- References to consolidation areas, consolidation units, or consolidation unit groups
- References to reporting entities to reporting entity, cost centers or cost center groups

For more information, see [Organization Elements](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/organization-elements.md).
{% /process-step %}
{% process-step title="Defining adjustment level(s) for consolidation postings" %}
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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/platform-dimensions/adjustment-levels/create-configure-adjustmentlvl-consolidation-postings.md)).
{% /process-step %}
{% process-step title="Defining Consolidation Apps" %}
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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/master-data-administration.md)).
{% /process-step %}
{% process-step title="Creating Consolidated Financial Statements" %}
Create a Consolidated financial statements element for each time period and data level to be consolidated (see section [Creating Consolidated Financial Statements](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/creating-consolidated-financial-statements.md)).
{% /process-step %}
{% process-step title="Creating and Configuring Apps for Consolidation" %}
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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/data-transfer-and-proportioning.md)).

Depending on the method required for consolidation in your group, create the necessary consolidation apps (see section [Creating and Configuring Consolidation Apps](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/configure-consolidated-financial-statements/configuring-consolidation-apps.md)).

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

- Debit/credit shifts in consolidation area
- Elimination of income from investments
- Elimination of intercompany debt
- Elimination of intercompany income and expense
- Elimination of intercompany profit or loss in current assets
- Equity elimination
- Reclassification of profit or loss from previous year in consolidation areas
- Adjust and reclassify values in consolidation areas
{% /process-step %}
{% process-step title="Executing the Consolidation" %}
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](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/executing-consolidation.md)).

You can display the postings and reports that were created via the **Created elements** tab in the respective app or from the overview table.
{% /process-step %}
{% /process-steps %}