How do I roll forward a Consolidation file?
Once an engagement with a Consolidated Entity has been completed, the next step would be to roll forward the Consolidation File.
The correct way to roll forward a consolidation entity is following the process below:
1. Roll forward all the individual entities
Roll forward the individual entities as instructed in How to Roll Forward an Engagement File?
2. Roll forward all the Consolidation file
Roll forward the consolidation file as instructed in How to Roll Forward an Engagement File?
Note: There is no difference in the roll forward process between Consolidated and Single entity engagement files.
3. Adjust Consolidation Properties
After both the individual (i.e subsidiary entities) and the Consolidation file have been rolled forward, follow the procedure below.
Procedure:
1. Open the newly rolled forward Consolidation file.
2. From the menus, select Engagement | Consolidate. The Consolidation screen will open.
3. Select the first entity in the tree and click Properties. The Entity properties screen will open.
Note: The entity is still pointing to last year’s engagement file.
4. Under External Source for Entity Detail, browse for the new appropriate rolled forward entity.
Untick Include Prior Balances. This will remain deselected for the life of the file.
5. Click OK to save the settings.
6. Repeat step 2) to 5) for each entity in the consolidation tree.
7. After all entities have been adjusted, click OK.
Note: You may wish to import the New Year’s trial balance into the individual entities prior to adjusting the consolidation properties.