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Consolidation Problem – 2019 Beginning Balances with 12/31/18 Posting Date

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Posted on by Oakwinds 40

Hi, I have a client who just started to use NAV 2018 at the beginning of this year (2019).

They posted beginning-of year 2019 balance sheet balances as entries with 12/31/18 posting dates.

 

When trying to run a consolidation, I have three problems:

 

[1] Consolidate 01/01/19 – 12/31/19

The 12/31/18 posting entries are not included in the consolidation.

 

[2] Consolidate 12/31/18 – 12/31/19

I get the following error:

A G/L Entry with Posting Date on a closing date (C12/31/18) was found while consolidating nonclosing entries (G/L Account No. 4001).

 

[3] Change Business Units Starting Dates from 01/01/19 to 12/31/18

I get the following error:

The Starting Date 12/31/18 of Business Unit [X], is not the Starting Date of the fiscal year of company [X].

 

Is there any way to run a successful consolidation including the 12/31/18 postings without going back and reversing these entries and re-entering them with 01/01/19 posting dates?

 

Thanks.

Categories:
Financial Management
  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Consolidation Problem – 2019 Beginning Balances with 12/31/18 Posting Date

    Hello,

    I am not having this issue but want to make sure setups are correct. In the all Companies G/L Account you have setup the:

    Consol. Debit Account, Consol. Credit Account, and Consolidation Translation Method fields.

    What are the different Consolidation Translation Methods and when are they used?

    • Average Rate (Manual): typically used for Income Statement accounts; the rate is specified during consolidation process
    • Closing Rate: typically used for Balance Sheet Accounts, with the exception of Equity accounts; the rate is specified during consolidation process, the beginning balance is restated
    • Historical Rate: typically used for Retained Earnings, Intercompany Payables and Receivables, foreign currency loans from third parties; use the exchange rate in effect on the transaction’s posting date
    • Composite Rate:  used for Equity accounts, the beginning balance is not restated, the average rate specified during consolidation is used for the current period; indicate accounts for posting on the Business Unit page
    • Equity Rate: similar to Composite; indicate accounts for posting on the Business Unit page

    NOTE: Methods should agree to those being used currently (manually) and confirmed through testing and with outside auditors.

    Some basic setups and rules for Consolidation and Business Units for processing and setup:

    To process the consolidation with a foreign currency, from the Business Unit:

    • Select the Exchange Rates button > Average Rate and enter the average exchange rate for the period.
    • Select the Exchange Rates button > Closing Rate and enter the closing exchange rate for the period.
    • Process as for other consolidations

    In the Currency Exchange Rate Table, you can select the option of using the Local (Parent) or Business Unit (Subsidiary) as the source; alternatively enter the exchange rates from the business unit card as indicated above.

    Are there special considerations when reconsolidating and multiple currencies are involved? Yes, enter the Average Rate and Closing Rate on the Business Unit card.

    Can I use an Additional Reporting Currency for consolidations? Yes, in the Data Source field on the Business Unit card, select the Additional Reporting Currency option.

    Do I need to run the Adjust Exchange Rate batch in the consolidated company? If you use the Additional Reporting Currency (ACY) as the consolidation currency, then you need to run the Adjust Exchange Rate batch job in the consolidated company for the ACY. Also, if you use multiple currencies in any of the subsidiary companies, you need to run the Adjust Exchange Rate Batch job for your customers, vendors, and bank accounts prior to consolidating.

    Maybe one of the above setups or processes needs attention and resolves the issue.

    Hope this helps.

    Thanks,

    Steve

  • feddersenlu Profile Picture
    feddersenlu 5 on at
    RE: Consolidation Problem – 2019 Beginning Balances with 12/31/18 Posting Date

    Did somebody find an answer for this? Why can't I consolidate closed companies (Income Statement). Is this an issue with the additional currency?

  • Tessa Deenik Profile Picture
    Tessa Deenik 30 on at
    RE: Consolidation Problem – 2019 Beginning Balances with 12/31/18 Posting Date

    Hi,  this was too long ago to remember, so much has changed since this project implementation in May.  

  • Suggested answer
    Bilal Haider Profile Picture
    Bilal Haider 43 on at
    RE: Consolidation Problem – 2019 Beginning Balances with 12/31/18 Posting Date

    Hi,

    It is standard issue and it comes when you are trying to consolidate entries for a period that have a few closing entries.

    Have you found any solution because some other members are also having this issue.

  • Tessa Deenik Profile Picture
    Tessa Deenik 30 on at
    RE: Consolidation Problem – 2019 Beginning Balances with 12/31/18 Posting Date

    Hi there, 

    I'm getting the same error message in BC and am interested to know how you resolved the issue?

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