This article briefly describes the workflow steps to create consolidated Group Reports. The workflow is covered in more detail in individual articles in the Group Financial Reporting category.
In order to create Consolidated Financials, the following steps are required:
Connect each of your Xero/QuickBooks Group companies to the GATHER Platform
Sync data for the required years/periods.
Create a Group from these companies in GATHER
Create Group Reporting Templates (Profit and Loss Account/Balance Sheet/Linked Profit and Loss Account/Balance Sheet)
Map the underlying Chart of Accounts for each company to the Group Reporting Template
Set up Auto-Journals for regular intercompany eliminations
Access Working Papers to review and edit your draft consolidated data. Drill down into your company level data to ensure your month end close is complete.
Add Manual Journals to complete your Consolidated Financials
Sign off on Completed Periods
Set up, create and configure Reports.
In order to achieve accurate and reliable Consolidated data, it is essential that intercompany eliminations are correct.
You may undertake this work manually or choose to use the GATHER Intercompany Reconciliation App to assist you in this.
Additionally, you may choose to use the GATHER Intercompany Recharge App to help manage all your intercompany relationships and transactions centrally - which reduces the risk of intercompany imbalances through posting errors.