Consolidating budget reports
How the budget is prepared determines how the budget reports can be consolidated. There are many consolidation scenarios, and each method can handle the scenarios in different ways. The owner of a small hotel might want to budget so that catering, the restaurant and the lounge each have their own budget report. Distribute the budgets to each department after the budget is completed with instructions on how actual expenses are to be booked. Compare the budgeted, or forecasted performance, against actual performance.
The file can then be imported into other instances or systems. Financial reporting can also be used to export the balances to a Microsoft Excel file. This company can be used in the consolidation process or in financial reporting. This is your gross profit before depreciation and interest. Some of our subsidiaries are not fully owned.
Each department will have its own code in front of the expense line-item number. The Financial reporting option is the solution, because transaction-level detail can be viewed for as many companies as are included in the reporting tree definition. The food and beverage director can then analyze each department separately and look the consolidated report for the all the food and beverage units. Determine how the budgeting process will be structured. We have more than one instance of the system.
Keep the line-item categories consistent across departments, locations or whatever categories you'll be consolidating. We have subsidiaries on a different system. Prepare top-level consolidated budget reports for those who don't need to see the detailed line-item expenditures. For example you might want to differentiate between hourly wages and executive salaries, if you do so, do it for each department.
It includes answers to some frequently asked questions. Organization hierarchies that have legal entities or financial dimensions in them can be reported on in Financial reporting. Different software programs have different methods of consolidating budget reports. The Legal entities tab has an Ownership column, where you can define the percentage that is owned by the parent company. When you consolidate data, the financial results for multiple subsidiary companies are combined into results for a single, consolidated company.
The Financial reporting option has unlimited reporting currencies. For example, your small business consists of jewelry kiosks in shopping malls with a main office. We require multiple levels of consolidation.
The Financial reporting option is the solution to consolidate any budget planning or budget control data. You can also use the Financial reporting option, include multiple links to the financial dimensions in the row definition, and map the accounts. The consolidation must then be run multiple times. By using the Export company balances option to export from one instance and then using the Consolidate with import option on the other instance, you can consolidate the data.
Tips Create a budget report at reasonable levels. Alternatively, you can have a separate company that you manually create the eliminations in, and then use that company in Financial reporting or in the consolidation process.