Easily create consolidated options with Sage 50. By doing this, the data of the company will be added together in one set of financial accounts. In this blog, we will show how Sage 50’s Consolidation Wizard can help simplify the option.
When developing a consolidated parent, the wizard creates a chart of accounts based on whatever chart of accounts is in place. This way, accuracy is ensured because the subsidiary company’s chart of accounts is matched with that of the consolidated parent.
Here are the Steps that you Need to Follow for Creating a Consolidated Company –
- You need to start a parent or subsidiary organization
- Open the File menu and click on Consolidate Company under the Home window.
- Click on Next. On your screen, the wizard will start
- You need to verify that whether your company is subsidiary or parent
- Enter the file name. The wizard then merges the files into a new .csi file with the consolidated company.
- Click on Next
- To add a subsidiary company, click on Add
- Click on Next
- Access the Related Accounts page. You would see the Consolidate Company wizard maps account numbers automatically from the parent company to each of the subsidiary companies.
- You can easily map accounts by selecting the company you are mapping from the drop down menu.
- Click on the Show All Unmapped Accounts box near each of those subsidiary accounts. Click Find in the Consolidated Parents Accounts column nearby for that parent account. This way, one can find out a parent account to map to
- Click on continue once you matched all accounts
- You have to repeat 3-5 steps for each of the subsidiary companies for which you have to perform the mapping of account
- Once you’ve saved your newly created company, enter your information and click “Next” to finish the Consolidate Company wizard. It retrieves information about company balance sheets from subsidiary companies. You can use it to create a consolidated company or just see your present fiscal.
We hope the simple steps provided above will help you consolidate multiple companies in Sage 50.
You have opened a food business and registered it as a sole proprietorship firm. The food business comprises 1) catering service 2) a restaurant 3) a packaging service. With these Sage features, you can easily merge the chart of accounts of the 3 companies. And you can easily set a consolidated chart for the business. You can maintain your vendors, customers, and employees just like you do in the case of any other company. You can also generate reports.
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What is the Best Guideline for Consolidating Companies in Sage 50?
There is no hard and fast rule as much as it might seem. You should keep your consolidated company up-to-date whenever it may be after the year-end procedures. However, you can usually update your records more often than that.
How do we Make Sure we Meet the Criteria Before Consolidating Companies in Sage 50?
Please check the following criteria –
When the subsidiary companies need user IDs and passwords for granting access, fill in the user ID and password for each individual.
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