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Below is the problem we are facing while doing a consolidation of 4 companies for one of our clients:
We are trying to consolidate for the period 2015 - 2016 for one entity (01/04/2015 - 31/03/2016)
System prompts this error and stops from proceeding any further. Is there any thing that can be done to resolve this?
The account 11111 is a retained earnings account which is used to post the net of P&L during the fiscal year closing process.
Any suggestions or advices to go about this is highly appreciated.
Thanks in advance.
It is standard issue and it comes when you are trying to consolidate entries for a period that have a few closed entries. In your case you are trying to consolidate entries from 1st April 2015 to 31st March 2016. But system finds an entry between this period that is a closing entry. That is what caused issue.
If you run consolidation again from 4th April 2015 upto 31st March 2016. This same error will not come again. This issue occurs because of closing in a later date 4th April than actual date 3st March.
Let me know how it proceeds further.
Hi Thank you very much for the reply.
Running from 4th April 2015 to 31st March 2016 helps. But in this method, the entries posted between 01/04/2015 to 03/04/2015 will not be consolidated right?
So if these entries too are to be brought into the consolidation, is there any way?
Good that you have tried.
Not a very good way but please find the entries from 1st April 2015 to 3rd April 2015 that are closing entries. Closing entries are those that have C with their date. Try to change their date to back date. If you are developer then you can do this.
Thank you very much for the suggestion.
I will try this option of changing the date (back dating it) with my developer.
Requesting you view on this - is it possible to run consolidation for a specific range of accounts or for few accounts, instead of running this for all accounts?
AX has this feature. Does NAV support this?
Before changing entries to back date make sure and get advise from accountant that it will not affect system integrity. I still not understand why closing is done on 3rd April and if it is closed on 3rd April why you have open entries in from 01/04/2015 to 03/04/2015 as per your post.
The closing done on 3rd April is by mistake, done by the user end, It should have been on 31st only.
The fiscal year closing and the closing entry affects only the income statement accounts (P&L accounts) right? There can be few balance sheet account entries posted between 01/04 and 03/04 right?
If we are running a consolidation starting from 04/04 only, the balance sheet entries posted on 01/04, 02/04 and 03/04 will not be included in consolidation. Hence I refer to these entries as the open entries.
Hope my explanation is fine.
It means the closing date is wrongly written as 3rd April otherwise you do it for entries upto 31st March and all the entries that are done from 1st April to 3rd April are not closed by closing process at that time.
Yes, the closing process make P&L accounts balance to zero with the retained earning account.
After doing a consolidation, should be run a fiscal year close in the consolidation company as well to carry forward the balances from P&L account to the retained earnings account.
Because, though the fiscal year close has been run in the source transaction company, still P&L accounts values are carried forwarded to the consolidation company also.
Okay so is consolidation done?
Yes, I have run the consolidation year wise for each of the 4 companies for all the financial years - from 14/15 unto 19/20.
Also, for each of the year I have run the fiscal year close as well.
Below are my observations while comparing the consolidated financials (of one business unit) for a period with stand alone financials of the corresponding company for the same period :
(1) For all balance sheet accounts - "balance at date" amount of the consolidated company, matches with the "balance at date" amount of the corresponding individual company.
(2) For all income statement accounts - "balance at date" amount of the consolidated company, matches with "net change" amount of the individual company
Note : For income statement accounts, the "balance at date" amounts from consolidated company and the "balance at date" amount stand alone company does not match.
Hope I am making my question clear. Why for the income statement accounts "balance at date" amount of the consolidated company and the "balance at date" amount of the individual company does not match? While for balance sheet this sort of "balance at date" to "balance at date" matching works. The logic behind it is what i am trying to under stand.
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