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Importing the Consolidated Trial Balance from Excel (Desktop)
What it is: A way to import a single Excel file containing the combined trial balance data for a group of companies (a holding company and its subsidiaries), so Draftworx can produce consolidated financial statements in one client file.
What it's for
When a group consolidation is performed without separate Draftworx files for each entity, all account data for the holding company and subsidiaries can be compiled into one Excel spreadsheet and imported at once. Draftworx then separates the data by entity, applies contribution percentages and any foreign currency translation rates, and produces consolidated statements showing both Group (combined) and Company (holding company only) columns.
For a 4-column presentation (Group and Company columns for current and prior year), use a framework with "Consoli" in the name. A standard framework can be used if only 2-column output is needed.
How to do it
Importing the Consolidated Trial Balance
- Prepare an Excel file where one column identifies the company name for each row of account data.
- Navigate to the Working Trial Balance and select Import from Spreadsheet.
- Browse to the consolidated file and select Open.
- Map all standard columns (Account Number, Account Name, Debit, Credit) and also select Assign Client to map the company-name column.
- Select Import.
- For each company identified in the import, use the drop-down to set its Company Structure: one Holding Company, and any number of Subsidiaries or Divisions (up to 20).
- Select Import Consolidate.
- The Working Trial Balance reopens with two extra columns — Client (entity name) and H/S (Holding or Subsidiary). Link accounts in the normal way.
- To adjust ownership percentages, select Consolidate > Contribution. A subsidiary set to 80% will contribute only 80% of its balances to the group total.
- For foreign currency subsidiaries, select Consolidate > Display Rates and enter the spot and average exchange rates for each year.
Tip: The translation reserve arising from currency conversion is inserted automatically into the trial balance and equity section of the Statement of Financial Position.