Hope you enjoyed my session! We saw a few different manual and automated methods that can be used to model consolidations. As you ‘focus forward’, do you plan to use these methods? If so which one(s)?
Already use one or more of these methods? Let us know how it’s working out!
To access the recorded version of our session, visit this URL and enter the same credentials you used on the day of the Virtual Summit. Enter the Theater section. Then go to Breakouts, find the session name, and click 'Watch On Demand.'
Hi, I have managed to set up a consolidation cube and with the journal manager, but It would be great to have a copy of the presentation to go through slowly. For the intercompany journals do you create a separate “entity” to post the journals to? before they are all consolidated into “all”?
Thanks for this session. It helped me see how we might use prophix to speed up some of our closes. Our initial priority has been consolidated budgeting and reporting, but recently our property management office asked if Prophix might help speed up their close process, which is actually 85 different closings each month since each property is under its own ownership. I’m looking forward to making use of the different steps here in our own environment.
I really appreciated the design approach for eliminations. I’ll need to mull this over a bit more before I truly “get it” but I can see how it will address a elimination issue we need to reflect when we consolidate books from multiple companies.
Question about journal entries. The concept is a big vague to me. Is the point to craft the JEs and get the Prophix reports to tie out, thereby identifying the JEs required to post to the accounting system? Seems to me that once I then post the JEs in our accounting system, that data will then flow into Prophix, causing them to be double counted. What am I missing? What’s the benefit of doing this first in Prophix?
Thanks for the feedback and I’m sure this is something that can be discussed in more depth during your discovery sessions.
Typically, another system is needed to help with the consolidation process when entities are sitting on different ERP systems, have potentially different charts of accounts, and/or are operating in different currencies. In addition, there maybe lots of inter-company eliminations that need to be automated even if it’s within 1 system. In these situations the adjustments & eliminations and resulting consolidated reporting are handled outside of the ERP system, usually in Excel - which can become a nightmare depending on the complexity of the consolidation.
That’s where instead of Excel you can leverage Prophix to streamline the whole process. You can create all of the adjustments & eliminations via the methods I described and have them stored in the database, where you can slice and dice on pre & post consolidated data. With Journals Manager you have the added benefit of actually interacting with the system via journals and are able to produce an audit posting report that you can then hand-off to your auditors.
