Is there a way to set up a consolidated financial statement NetSuite Professionals #accounting

Is there a way to set up a consolidated financial ...

Jared McKenzie

01/19/2022, 6:58 PM

Is there a way to set up a consolidated financial statement with only 2 of 4 entities rather than all of them or only one of them?

Rebecca

01/19/2022, 9:55 PM

If the subsidiaries are siblings or direct parent/child you can just add a consolidating subsidiary above them. Otherwise you will need to add a filter to your financials that restricts results to the 2 subsidiaries you want to report on.

Priya-Yosipom

01/21/2022, 1:34 AM

Filters work to provide selective FS but they wouldn't be consolidated as, Rebecca mentioned consolidation happens based on subsidiaries parent child relationship.

Priya-Yosipom

01/21/2022, 1:35 AM

@Rebecca @Jared McKenzie noting you are working on consol group NS, would either of you know about elimination errors(uncleared balances)?

Jared McKenzie

01/21/2022, 1:38 AM

@Rebecca do you have a go-to online guide for filtering a financial report that restricts to the 2 I want?

Jared McKenzie

01/21/2022, 1:39 AM

@Rebecca there is 1 parent w 1 child, and then the other 1 entity is a stand alone - not sure what you mean by sibling

Jared McKenzie

01/21/2022, 1:45 AM

@Priya-Yosipom what do you mean elimination errors? is the error that the IC accounts balance is not cleared you mean?

Priya-Yosipom

01/21/2022, 1:48 AM

@Jared McKenzie do you to customise edit reports in NetSuite? If so, you can go select the subsidiary name in criteria to isolate the subsidiaries you want a report to show.

Priya-Yosipom

01/21/2022, 1:49 AM

Yes, while all checks are correct, like GL account is selected for elimination, dates etc is fine, there still is uncleared elimination.

Priya-Yosipom

01/21/2022, 1:51 AM

Maybe my real question is- when you run elimination as part of month accounting close, should all accounts be zero? I.e.Fully eliminated? Would results vary if some subsidiary are foreign base currently.

Jared McKenzie

01/21/2022, 2:09 AM

So you already did the month end accounting close and it auto generated the elimination JEs and they still have balance?

Jared McKenzie

01/21/2022, 2:09 AM

@Priya-Yosipom I have only done one custom report for EBIDTA, so no I don't know how to make them so it filters for only 2 subsidiaries unfortunately. Can you help?

Priya-Yosipom

01/21/2022, 2:54 AM

Run NS balance sheet. In the BS page Click customize. New page will open Go to filters tab 3rd one on top the search subsidiary- then add only 2 subsidiaries

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