Create a consolidated financial statements group

Overview

Creating a Consolidated Financial Statements entity allows you to group related entities together in TaxLab. This means you can view financial data from multiple entities in one place, and also enables the import of trial balances and workpapers in bulk.

Create a consolidated financial statements group

1. From the home screen select Create entity > under Entity type select Consolidated Financial Statements from the dropdown list.

2. Name your entity in the Entity name field, then select Confirm.

Add an entity to a consolidated financial statements group

1. From the home screen, select the financial statements entity which you wish to add an entity into.

2. Select the Members tab > click Add entity to group > start typing the name of the entity you want to add to the group, and select it from the drop down list.

3. Select the date that the member joined and/or left the group. This will impact the years that you see data for.

4. Select a status of the entity you are adding. You can select from subsidiary or parent.

All entities that are added into the financial statements entity must be included in your Income tax subscription and have the relevant tax year open.

Troubleshooting and FAQs

• I can't find the entity I want to add to the group when I search for it.

You need to have access to an entity in order to be able to add it to a financial statements group. Contact a user that has access to that entity for assistance.

• I want to add subsidiary entities to a parent entity so I can consolidate them, but there is no way I can add entities to a parent entity.

You first need to create the financial statements entity. This isn't a 'real' entity in that it doesn't have an IRD number. It is simply a means of grouping related entities together under one umbrella. When you add the parent entity into the financial statements entity, you can select it's status as "parent".

Next steps

Import trial balances for a Group from Microsoft Excel

Using the consolidated financial statements group import