When you create a new engagement, you will have an option to create a consolidated engagement. You can create either a “Financial” or a “Tax” consolidated engagement where account balances will be summed up across all subsidiaries at either the financial group and sub-group level or the tax group and sub-group level. The engagement created is the consolidated entity, then you will add subsidiary entities.
The grouping list with groups and subgroups is shared across the parent and subsidiary entities. This prevents inconsistencies across subsidiaries.
The consolidated balances are in real time. If you change balances in a subsidiary, the consolidated balances will immediately be updated. There are no steps to re-calculate consolidated balances.
Each subsidiary entity in a consolidated engagement is counted as one engagement license. The parent company is not counted as an engagement license.
The year-end date and tax entity type for the subsidiaries must be the same as the parent company.
At this time, you cannot consolidate by both financial and tax groups and sub-groups within the same engagement. You will need to create separate engagements if you want consolidated totals for financial and tax consolidated totals.
To create a consolidated engagement, do the following:
- Click on the navigation bar to go to the Engagement List page.
- On the Engagement List page, click Start New Engagement.
- Enter the client name. As you type, the client list from the CCH
AxcessCommon Client database opens and filters based on the characters you type.
- Enter the engagement name. The engagement name, ID and year-end date must be unique for a client.
- Enter the ID if needed, this field is optional.
- Select Year-end date.
- Select Period start and Period end dates.
- Select the engagement type from the list.
- Select the module that you would like to use for the engagement. See CCH Axcess Engagement Licenses for more information about the modules.
- Select a tax entity type from the list. This information will be used in a future release.
- Click Yes for Is this a consolidation?
- Select the Knowledge Coach title from the list that you would like to use in the engagement.
- Click Next.
- Enter details for each subsidiary
- Click Create.
Do either of the following as needed:
Import trial balances for the subsidiaries. Click Import in the Trial Balance column for a subsidiary to import that subsidiary's trial balance. See Importing Trial Balance Data for information about uploading a trial balance.
Continue to the engagement. Click Engagement View to go to the Engagement View page for the consolidated engagement.