Update IL Consolidation Snapshot

Explanation

This activity is used to update the internal ledger (IL) consolidation snapshot. This activity is used to gather balances from subsidiaries and update the IL consolidation snapshot, so that the latest information can be used for follow-up-analysis and reporting. During the consolidation process, subsidiary dimensions in the coding structure, such as account, cost center, market, and product are translated to the parent company's coding structure, and any currency conversions are automatically calculated.  

Prerequisites

A parent company, and at least one subsidiary company of the parent company should exist. 

System Effects

As a result of this activity, the IL consolidation snapshot information will be updated, and balances from the subsidiaries will be available for analyzing and reporting. The subsidiary balances will be converted to the parent company's code string, and grouped accordingly. A currency conversion will be performed, if applicable. The currency rate valid as of the last date in the accounting period will be used for the currency conversion. 

Window

Update IL Consolidation Snapshot

Related Window Descriptions

Update IL Consolidation Snapshot

Procedure

1. Open the Update IL Consolidation Snapshot window.
2. Enter the subsidiary ID or IDs of the companies for which the consolidation snapshots should be updated.
3. Enter the relevant accounting year and period that should be updated.
4. Specify the accounting currency type to be used for the balance accounts and the profit and loss accounts when updating the snapshot.
5. Click OK. A message will be displayed notifying the status of the update.