In the Prepare IL Snapshot Consolidation process, you will update the consolidated internal ledger (IL) balances for the parent company, where the balance information from subsidiaries are connected to the parent company. When performing an IL snapshot consolidation, you do not need to close the accounting periods associated with the consolidation process as in the normal consolidation process. It will be possible to create an entire IL snapshot in one step, so that you can analyze the performance of the parent and the subsidiary companies whenever you want.
The IL snapshot consolidation process does not create any vouchers; it simply updates the snapshot balance table. The subsidiary's dimensions in the coding structure, such as account, cost center, market, and product, are translated to the parent company’s coding structure. Also any currency conversion will be calculated automatically using the currency rates determined by the parent company.
After the Prepare IL Snapshot Consolidation process is completed, it is possible to use the IL Snapshot Balance Analysis and IFS/Report Generator features for follow-up activities.
This process requires basic data to be set up according to the instructions specified in the Set Up Basic Data Period Reconciliation process, in Define Financials Basics.