Consolidated Financial Statements

RE: : Can CleverQ be used to consolidate multiple QB companies into a consolidated Financial Statement with different Chart of Accounts?

Yes.

CleverQ pulls data from multiple QuickBooks company files. Data and metrics are then displayed in dashboards and reports using filters (such as by company). All reports in QuickBooks have some common terminology such as Total Income, Gross Profit, Net Ordinary Income, etc.  In such a case, when a report or dashboard is created and displayed using those common parameters, data can be returned by company as well as for total of all companies. A consolidated version of a financial statement using common terms is straight forward and will not include detail without further customization as described further in this article.

For other accounts which are spelled the exact same and have the same account #, CleverQ will also total all of the QuickBooks Companies which do have the common account. If there are accounts which are unique to a company, the total will include only those companies which have that account. If a company does not have the account which is called for in an dashboard, the gauge will return a null, which is means data does not exist. The report manager can also list the accounts. However, for those companies which do not have the unique account, no data will be returned and the field will be blank or null.

The easiest way to build a consolidated financial statement of any sort is to add parent accounts inside of each QuickBooks company which are spelled the same and have the same account number if account numbers are used. This way, the unique child accounts which roll up into the total of the parent accounts are not displayed in the consolidated report. It would give a consolidated report that would show the parent accounts as desired. The added benefit to this would be to have totals which are common to any business using General Accepted Accounting Practices.

An example of this would be to add parent accounts in the expense section of the P&L. All unique child accounts would roll up into common parent accounts. Using this methodology, a consolidated P&L could include a reasonable amount of break down without a substantial change of the chart of accounts.

Example:

Advertising Expenses

• Interest Expense
• Other Variable Expenses
• Personal Expenses
• Fixed Expenses

Different Chart of Accounts 

Another option for chart of accounts which do not match, is to create parameter formulas which add up all of the unique accounts from all of the companies into one common account name.

Example:

• Company A uses: 66100 - Advertising
• Company B uses: 66200 - Total Advertising Expense
• Company C uses: Avertising expense

In CleverQ, the parameter formula would add all of these unique names from each company into one parameter called "Advertising" for use in CleverQ. Then the "Advertising" Parameter would be used to create the consolidated report, and the uncommon unique names would be left off from the financial statement. The amount for each company could then be shown for "Advertising" and the Total for all companies would show the aggregate.

The custom report manager is highly format able. Reports can be scheduled to automatically generate and e-mailed or saved in an variety of formats. Our staff can help design the report for you which can be copied and modified as you see fit. Reports can include and combine gauges, graphs, calculated data, report data as extracted from each company file as well as live data from nearly any other source.