Budget Consolidation

This utility enables a financial entity to hold consolidated budgets and plans from all the sites under it. This utility consolidates all previously unconsolidated site budgets and plans through the cutoff date. All entities in the hierarchy that are senior to the current site must be connected (through replication of G/L or Ledger Consolidation categories) and available. Each budget and plan for each account are consolidated all the way up the hierarchy; the budget and plan at the current site remains unchanged. For higher level entities, the newly created budgets and plans are stored, using that entity's chart of accounts, base currency, and financial periods.

The system uses the currency rate tables that are defined for each financial entity where the consolidation budgets are being written. The translation is performed directly on data from the originating site's budget.

For example, Periods will be mapped on a calendar day-for-day proportional prorated basis. For example, if the site is on quarterly periods (1/1/16-3/31/16 = 91 days) and the entity is monthly (1/1/16-1/31/16 = 31 days, 2/1/16-2/29/16 = 29 days, 3/1/16-3/31/16 = 31 days), roughly a third (31/91, 29/91, 31/91) of the site's budget/plan will be added to each of the three periods of the financial entity. Rounding errors will accumulate in the last period ($100.00 will map to $34.07, $31.87, $34.06.)