For a small group, consolidation usually lives in one big spreadsheet. Trial balances arrive on different days, in different currencies, and intercompany balances that should net to zero don't. The time goes to finding out why the UK owes the US more than the US thinks it's owed.
What Flux Runs Each Period
- Entity trial balances mapped to one group chart of accounts. Your mapping, saved and reused each period, with new accounts flagged.
- FX translation. Balance sheet at the closing rate, P&L at the average rate, and the cumulative translation adjustment calculated.
- Intercompany matching. Each pair of balances compared, with differences traced to timing, FX or a missing entry where the files show it.
- Elimination entries. Intercompany receivables and payables, sales and costs, management fees and loans.
- Consolidation workbook. Entity columns, an eliminations column and the group total, tied back to each entity's trial balance.
- Intercompany break list. Every mismatch, the amount, the likely cause and the proposed fix.
- Open-questions list. Breaks the files can't explain.
What Your Team Keeps
- Approving eliminations and any correcting entries.
- Rate and policy choices, including how to bring in a new entity.
- Which side books the fix when intercompany doesn't tie.
- Acquisitions, minority interests and other judgment areas.
What We Need From You
| Item | Detail |
|---|---|
| Entity trial balances | Each entity, period end, in local currency |
| Intercompany account detail | Transactions in the intercompany accounts, per entity |
| FX rates | The closing and average rates you use, or your rate source |
| Group mapping | Your existing chart of accounts mapping, or we draft one for you to approve |
| Prior period consolidation | To match the layout and opening balances |
| Ownership structure | One page showing which entity owns what |
| Time from you | About 45 minutes to send files, then 1 to 2 hours to review |
What You Get Back
You get the consolidation workbook, elimination entries and the intercompany break list. For the free run on a closed period, that arrives within one business day of complete files. Each group line traces to the entity trial balances. Eliminations net to zero before anything is written up.
What It Looks Like
Illustrative, with sample numbers, not a client engagement.
The US parent shows a US$150,000 receivable from its UK subsidiary. The UK books a payable of £114,000, which is US$142,500 at a 1.25 closing rate. The match finds a £6,000 management fee the US invoiced on the 30th that the UK hasn't booked. At 1.25, that's the full US$7,500 gap. The break list proposes the UK entry, and the elimination nets to zero once it posts.
Common Questions
Do we need consolidation software?
No. We build the consolidation in a workbook from the trial balances you send. If you already have a consolidation file, we work in its layout.
What if entities run on different ledgers?
That's a mapping job, not a blocker. One entity on Xero and another on QuickBooks both map to your group chart once. After that the mapping carries forward.
Do you handle multiple currencies?
Yes, at the rates you choose and with the translation method you already use. Anything that looks inconsistent with last period goes on the questions list.