---
title: "Creating Consolidated Financial Statements"
description: "After you have defined the structure and master data of your group, you can configure the app-supported consolidation of your group in the Consolidated financial statements workspace."
source_url: https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/creating-consolidated-financial-statements
language: en
last_updated: 2023-08-16
---
# Creating Consolidated Financial Statements

## Overview

After you have defined the structure and master data of your group, you can configure the app-supported consolidation of your group in the **Consolidated financial statements** workspace.

To do so, first create a so-called consolidated financial statement element in the **Consolidated financial statements** workspace for the desired combination of **group and data level** and define the **time period** of the consolidated financial statements. This chapter describes how to proceed.

Subsequently, in these consolidated financial statements elements, you can:

- Transfer the [proportioned data](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/data-transfer-and-proportioning.md) from the organization elements in the consolidation areas
- Configure all consolidation apps needed for the consolidated financial statements
- Execute the [consolidated financial statements](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/executing-consolidation.md)

{% warning-box %}
**Notes for customers who have used apps of the Consolidation 2 or Consolidation 2 Next Generation in Lucanet.Financial Client**

- Elements of type **File** and **Text document** cannot be displayed and/or edited in the **Lucanet CFO Solution Platform**
- For information on the apps supported in the CFO Solution Platform, please read the [Notes on Migration From Lucanet.Financial Client](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/configuring-consolidation-apps/migration-from-lnfc.md).
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## Creating a Consolidated Financial Statements Element

To create a Consolidated financial statements element, proceed as follows:

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Open the **Consolidated financial statements** workspace.
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In the dimension bar, select the combination of **group** and **data level** for which you wish to create the consolidated financial statements.
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If you have not yet defined master data for this combination of **group** and **data level**, click **\+ Create** in **Master Data Administration** and configure the master data as described under [Administrating Master Data](https://support.lucanet.cloud/en/documentation/consolidation-financial-planning/consolidation/consolidation-2/master-data-administration.md).

 If you have already defined Master Data, a link to the corresponding **Master Data Management** is displayed.
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Highlight the root folder **Consolidated financial statements** and select **New | Consolidated financial statements** from the context menu.
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Configure the options in the **Create consolidated financial statements** dialog as described below **.**
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Save the element.

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## Options

The following options are available:

Create consolidated financial statements

#### Name

Group financial statements name

#### Period

Period of the consolidated financial statements

**Note**: The time period must lie within the time period of the selected data level.

#### Behavior in case of error:

Wählen Sie ein gewünschtes Verhalten, wenn bei der Ausführung des Konzernabschlusses ein Fehler auftreten sollte:

- **Continue execution**
- **Cancel execution**

#### Use template

Please activate this option if you would like to use a template for the consolidated financial statements.

Then, in the **Journal** select the desired combination of **data level** and **group** and from the drop-down list the desired **consolidated financial statements** to be used as a template.

{% info-box %}
**Note for customers who have already used Financial Consolidation 2 in the Lucanet.Financial Client:**

In Lucanet CFO Solution Platform only templates can be used that exclusively contain consolidation apps of the Next Generation.
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