Users can link up to two files using the QuickBooks Enterprise Consolidated Reporting feature. These consolidated reports offer a more comprehensive view of financial data on a single screen, enabling a deeper comprehension of the business as a whole. This is especially useful for businesses that, for a variety of reasons, may use multiple accounting reports or fragmented files. For instance, businesses that have a number of legal entities or have acquired other companies through acquisition. While you are doing this you may be faced some kind of errors like QuickBooks error 15301, and to resolve these types of errors learn how to use QuickBooks.
Other instances include businesses that are too big to fit within a single QuickBooks file. Or perhaps your accounting team changed its processes or migrated its historical data and is now using a new file. Regardless of the cause, it might be necessary to combine financial reports in order to get the most accurate and insightful financial picture of the business.
Before You Use Consolidated Reporting…
Before attempting to combine reports, you should be aware of the following:
- Make your chart of accounts in the company files as identical as you can to make combined reports easier to read.
- If two accounts appear in a report with the same name, type, and hierarchical level, they will be combined.
- Account names are not case-sensitive, please note.
- The following accounts won’t be combined: Accounts with various levels: For instance, just because two accounts have the name “telephone,” they will not automatically be combined.
- spelling variations: For instance, phone and phone are not combined.
- various account numbers
- both account numbers and account numbers absent.
- Accounts are organized into types. The accounts are listed within each type in the chronological order of the first company file’s changes. Then, in the order that they are encountered, accounts from other company files are added.
- It might be necessary to log in and make your files multi-user.
Reports That You Can consolidate
You can combine reports from various company files in QuickBooks Desktop Enterprise. Which are:
- Financial Statement Format
- Balance Sheet Overview
- Loss & Profit Standard
- Trial Balance and Profit & Loss by Class Statement of Cash Flows
How To Run The Consolidation In QuickBooks
Here is a list of the report combining options that are the simplest. There are additional techniques, such as using third-party software created for this purpose. To make the most of consolidated reports, we advise beginning with the following actions:
- Combining reports
- Select “Combine Reports from Multiple Companies” from the QuickBooks Reports menu.
- Choose “Add Files,” then “Open” after finding the second company file. Continue with additional files.
- Choose the reports you want to combine from the list under Select reports for combining.
- Choose a reported basis after deciding on the reports From and To dates.
- Decide on “Combine Reports in Excel.” The combined information will appear in an Excel spreadsheet.
Not Using QuickBooks Enterprise?
It’s important to note that you can still combine reports using QuickBooks Pro/Premier or QuickBooks Online if you’re not using QuickBooks Enterprise. To accomplish this, you must export the reports to Excel and manually combine them (which takes time-consuming work to align all charts of accounts and some data manipulation in Excel). This process could take one to four hours. If you anticipate using this function frequently, it might be a good idea to upgrade to Enterprise because the time savings would more than makeup for any additional costs.
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