With Dynamics 365 Business Central there is no limit to the amount of companies you can set up in your database, these additional entities don’t add any extra software cost. As well as setting up additional trading companies, you can also set up a consolidation company to give you an overview of the financial health of your overall business. The consolidated company is just a container for the consolidated data and does not have any live business data. In this article, we show you how to set up and configure a simple consolidation company.
- You don’t need to have the same Chart of Accounts in each of your subsidiary companies
- Companies can operate with different currencies, and exchange rates, and still be consolidated
- You can partially consolidate individual companies, taking only part of their fiscal data
- Your subsidiary companies don’t have to operate the same fiscal year
Setting up your Consolidation Company:
As per the screenshot above, your first step is to set up a new company, this is the same as setting up any other company in Business Central. Once this is done you then need to:
- Set up a Chart of Accounts for the consolidation company
- In each posting account in the subsidiaries, specify the GL Account of the consolidation company to use for consolidation.
- Set up Business Units for each of the individual existing units, set your Consolidation % and Exchange Rate options per Business Unit
Running a Consolidation
Now that you have the parameters set up, you are ready to run consolidation. Before you get to this stage, you may want to run the Test Database action in your Business Units page – this will list the GL accounts for a Business Unit and show any errors. If you are happy to proceed then:
- Run consolidation as per screenshot below
- Specify your start and end dates
- When consolidation has finished, you will be asked to run the Consolidation Trial Balance report
- If you do not want to include a business unit in the consolidation, you can exclude it. To do so, go to the business unit card, and clear the Consolidate checkbox.
That’s the basics of setting up and running a Consolidation company in Business Central. If you would like more detailed advice on this process, talk to your account manager in Simply Dynamics.