Software for consolidating financial statements
Balance sheet and owners' equity, income statement and statement of cash flows are the main items of the financial statements that can be consolidated using Business Works.Click the general ledger module in the list of modules displayed in the menu bar of your Business Works program.Also post the depreciation, amortization or revaluation values for the non-current assets."Depreciation" is the reduced value over time of tangible assets, while "amortization" is the reduced value over time of intangible assets.These declarations are useful for appraising the financial position and results of an entire group of commonly-owned businesses.Otherwise, reviewing the results of individual businesses in the group does not give an indication of the financial bookkeeping health of the group as a whole.Create accounts for each of the business units -- using the name or location of each business unit as the account name for each account.The Business Works software allows you create unlimited number of accounts, although each account is limited to 999 departments.
A quick way to gauge that is going through its P&L and note profit trends over the years.
This accounting software program is suitable for small businesses such as restaurants, retailers, distributors and brokerage agencies that have separate units employing between 10 to 50 employees.
Consolidation of financial statements is a requirement of the IAS 27 of the International Financial Reporting Standards.
Consolidating accounting statements means adding up performance report data for two or more productions, depending on equity stakes and applicable guidelines.
Think of it as totaling each financial item and ensuring the final bookkeeping result corresponds to the underlying percentage ownership — the other name for an equity stake.